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