Please study the 17 vocabulary terms below. Then press the Mark Complete button to continue.
- applicable
- relating to, or having to do with
- bracket
- a set group with fixed upper and lower limits
- burden
- a large amount of money that you owe, or the responsibility to pay this money
- generate
- to produce or create something
- import duty
- a tax placed on goods coming into one country from anothe
- in effect
- to be active, or being used
- organ
- an organization that works as part of a larger organization
- per annum
- annual or each yea
- progressive tax
- a tax in which the rate of tax is higher on larger sums of money
- raw materials
- a substance in its natural state which is used to make something in an industrial process
- regressive tax
- a tax in which poor people pay a higher percentage of their income than rich people
- retail
- the activity of selling goods to the general public
- subject to
- to have or experience a particular thing (usually unpleasant)
- tariff
- a tax on goods coming into or out of a country
- tax break
- a legal means to pay less in taxes
- tax reduction
- an amount of money, not calculated on personal situation, that reduces tax payable
- wholesale
- the activity of selling goods in large amounts to businesses which then sell on to the public
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VAT is not applicable on education or training services.
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As he earns over $400,000 a year, he is in the highest tax bracket and pays 39.6% income tax rate.
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Although he hired a tax specialist, his total tax burden couldn't be reduced.
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The company generated profits of 8 million despite the global recession.
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The US imposed a 35% import duty on tires from China to try and protect US motor workers jobs.
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There are over 14 different taxes in effect in the US at the moment.
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Contacting the IRS can be difficult as it is often unclear which organ you should be dealing with.
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His new salary is $42,000 per annum.
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The progressive system levies more tax against people with higher earnings.
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The company imports most of the raw materials from China as it is cheaper.
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Under regressive tax systems everyone pays the same rate up to a certain limit, regardless of their
earnings.
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The city has several shopping malls with a large retail industry.
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All business transactions are subject to taxes.
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Tariffs are commonly used in times of economic downturn to protect domestic industries.
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A lot of businesses make charitable donations and take advantage of the tax breaks connected to them.
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After the tax reduction was applied, he was left with a tax bill of only $1200.
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Most small businesses buy goods wholesale as it is much cheaper than buying in a normal shop.