An English Course in Practical Taxation. Учебно-практическое пособие
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Summary |
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5. deficient |
e. finance |
6. bulk |
f. hold back |
7. boundary |
g. of a quantity not able to fulfill a need or re- |
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quirement |
8 fund |
h. essential |
9. computation |
i. act together |
10. remit |
j. largest part or proportion |
11. Significant |
k. money returned to a payer |
Block 8. Major Types of U.S. Taxes. Social Security Taxes.
Match the words with their definitions
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1. match |
a. a quantity much larger than is needed |
2. take-home pay |
b. get temporarily |
3. contribute |
c. what is left of your pay after deductions for |
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taxes and dues and insurance etc. |
4. abolition |
d. qualified for or allowed or worthy of being |
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chosen |
5. eliminate |
e. insurance or pension money payable to a |
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beneficiary of a deceased |
6. excess |
f. the act of ending something |
7. on smb’s be- |
g. give money, usually in exchange for goods |
half |
or services |
8. survivor's ben- |
h. terminate or take out |
efit |
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9. eligible |
i. be compatible, similar or consistent |
10. borrow |
j. in the interest of smb. |
Block 9. Major Types of U.S. Taxes. Sales and Property Taxes.
Match the words with their definitions.
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1. tax-exempt |
a. temporary or movable property |
2. raise |
b. the price at which buyers and sellers trade |
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the item in an open marketplace |
3. permanently |
c. mutual |
4. personal prop- |
d. a tax based on the cost of the item pur- |
erty |
chased and collected directly from the buyer |
5. market value |
e. for a long time without essential change |
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An English Course in Practical Taxation
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6. sales tax |
f. an official who evaluates property for the |
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purpose of taxing it |
7. fee |
g. increase |
8. real property |
h. a fixed charge for a privilege or for profes- |
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sional services |
9. common |
i. of goods or funds not taxed |
10. assessor |
j. property consisting of houses and land |
Block 10. Other Taxes
Match the words with their definitions
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1. spouse |
a. the principal activity in your life that you do |
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to earn money |
2. luxury tax |
d. a gift |
3. transfer tax |
c. a tax reduction allows an individual to transfer |
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some assets to his or her spouse tax free |
4. decedent |
d. levy on articles that are not essential to a |
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normal standard of living. gift tax — a tax im- |
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posed on transfers of property by gift during |
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the lifetime of the giver |
5. marital de- e. by comparison to something else |
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duction |
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6. quantity |
f. any tax levied on the passing of title to property |
7. donee |
g. a person's partner in marriage |
8. heir |
h. an amount |
9. occupation |
i. immunity from an obligation or duty |
10.exemption j. someone who is no longer alive
11.relatively k. a person who is entitled by law or by the
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terms of a will to inherit the estate of another |
12. donative |
L. the recipient of funds or other benefits |
Achievement Test 2 (Blocks 6—10).
Find suitable answers to these questions (sometimes more than one answer is possible):
1. What is a proportional rate structure?
a. a tax for which the average tax rate remains the same as the tax base increases;
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Summary
b.a flat tax;
c.a tax in which the average tax rate decreases as the tax base increases;
d.a tax in which the average tax rate increases as the tax base increases.
2 What is a regressive rate structure?
a.a tax for which the average tax rate remains the same as the tax base increases;
b.a flat tax;
c.a tax in which the average tax rate decreases as the tax base increases;
d.a tax in which the average tax rate increases as the tax base increases.
3. What is a progressive rate structure?
a. a tax for which the average tax rate remains the same as the tax base increases;
b. a flat tax;
c. a tax in which the average tax rate decreases as the tax base increases;
d. a tax in which the average tax rate increases as the tax base increases.
4. State and local governments receive their revenues from: a. the income tax, social insurance tax
b. the sales tax, the property tax
c.the income tax, the property tax
d.all these taxes
5. Who pays taxes on the wages earned by employees?
a.employees
b.employers
c.employees and employers
d.self-employed individuals
6. What for is the Social Security system designed?
a.to provide retirement and disability benefits
b.to provide retirement, survivor's and disability benefits and medical insurance
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An English Course in Practical Taxation
c.to provide retirement, survivor's and disability benefits
d.to provide retirement, survivor's and disability benefits, medical insurance and other social benefits
7. Who pays the Social Security tax? a. employers
b. employers
c. employees and self-employed individuals d. the unemployed individuals
8. What is a sales tax based on? a. the income of taxpayers
b. a flat percentage of the selling price of a product
c. a flat percentage of the selling price of a product or service d. a flexible percentage of the selling price of a product or ser-
vice
9. What is a property tax based on?
a.on the value of the property being taxed
b.on the true fair market value of the property
c.on the assessed value of the property
d.the income of taxpayers
10. Who are gift taxes paid by?
a.the person who receives the gift
b.the person making the gift
c.the person who receives the gift and the person making the
gift
d. the donor of property
Unit 11. Sources of Federal Income Tax Law
Unit 12. Income
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Summary
Block 11. Sources of Federal Income Tax Law
Match the words with their definitions
1. depreciable |
a. give the right to |
2. precedent |
b. something that provides direction or ad- |
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vice as to a decision or course of action |
3. primary |
c. an example that is used to justify similar |
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occurrences at a later time |
4. guidance |
d. look at again |
5. outline |
e. of first rank, importance or value |
6. review |
f. put into effect |
7. substitute |
g. obliged |
8. entitle |
h. that can be lessened in value |
9. undergo |
i. the underlying structure |
10. Framework |
g. a person or thing that takes the place of |
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another |
11. fulfill |
k. experience |
12 bound. |
l. give the main points or summary |
Block 12. Income
Match the words with their definitions
1. explicit |
a. a positive motivational influence |
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2. municipal |
b. the amount by which the selling price of an |
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asset exceeds the purchase price |
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3. ordinary in- |
c. a company's revenue minus cost of goods |
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come |
sold |
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4. lease period |
d. a quantity that is added |
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5. gain |
e. precisely and clearly expressed or readily |
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observable; leaving nothing to implication |
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6. gross income |
f. an amount of time of rent |
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7. incentive |
g. income derived from regular business ac- |
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tivities |
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8. capital gain |
h. relating or belonging to a city, town, etc. or |
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its local government |
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An English Course in Practical Taxation
Block 13. Deductions.
Match the words with their definitions.
1. limitation |
a. refuse to accept or believe |
2. expense |
b. set in advance |
3. living expenses |
c. consent |
4. prevail |
d. give, sell, or transfer to another |
5. permit |
e. the state or quality of being acknowl- |
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edged |
6. deny |
f. be larger in number, quantity, power, |
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status or importance |
7. predetermined |
g. a principle that limits the extent of |
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something |
8. recognition |
h. amounts paid for goods and services |
9. dispose |
i. amounts paid for living that may be cur- |
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rently tax deductible |
Block 14. TAX PLANNING
Match the words with their definitions
1 accelerating. |
a. a sum of money lent for a specified period |
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and repayable with interest |
2. regardless |
b. compensating for |
3. shifting |
c. ideas or actions intended to deal with a |
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problem or situation |
4. obtain |
d. a category falling within certain defined |
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limits |
5. loan |
e. having relevance |
6. offsetting |
f. money in the form of bills or coins |
7. cash |
g. come into possession |
8. applicable |
h. he act of moving from one place to another |
9. approach |
i. complete |
10. entire |
g. increasing in speed |
11. bracket |
k. in spite of everything |
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Summary
Block 15. Paying Taxes in Germany
Match the words with their definitions
1. start-up |
a. someone who lives at a particular place for |
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a prolonged period or who was born there |
2. surcharge |
b. making or becoming suitable |
3. sliding scale |
c. the line that shows profit or loss |
4. gradually |
d. tax added onto a product during each step |
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of production |
5. value added tax |
e. unwilling to do something |
6. bottom line |
f. a scale in which indicated prices, taxes, or |
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wages vary in accordance with another factor |
7. adjustment |
g. an additional charge |
8. reluctant |
h. a business or an undertaking that has re- |
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cently begun operation |
9. resident |
i. little by little |
Block 16. TAX ADMINISTRATION OF THE REPUBLIC OF SLOVENIA
Match the words with their definitions
1. remuneration |
a. following in time or order |
2. succeed |
b. belief in yourself and your abilities |
3. neglect |
c. of your own free will or design; not forced or |
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compelled |
4. guideline |
d. the ratio of the output to the input of any sys- |
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tem |
5. confidence |
e. concerning the internal affairs of a nation |
6. subsequent |
f. compensation, payment |
7. media |
g. leave undone or leave out |
8. efficiency |
h. load |
9. obstruct |
i. a means of communication that reaches the |
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general public and carries advertising |
10. burden |
j. hinder or prevent the progress or accom- |
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plishment |
11. voluntary |
k. instruction |
12. domestic |
l. reach a desired goal |
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An English Course in Practical Taxation
Final Achievement Test Blocks (11—16).
1. Where is tax information published? a. it is not published;
b. it is published in a variety of secondary sources
c. it is published in tax reference services, professional tax journals, tax newsletters, and textbooks
d. it is published in the primary sources.
2. What does income include?
a.taxable income
b.nontaxable income
c.both taxable and nontaxable types of income
d.all income that belongs to the taxpayer.
3. What is a deferral?
a.income broadly defined minus income items that are excluded from taxation
b.the starting point for reporting income items on a tax return
c.increase in a taxpayer's wealth and recovery of the taxpayer's capital investment that Congress has decided should not be subject to income tax
d.an item that does not affect the current period's taxable income but will affect taxable income in a future tax year
4. What is an exclusion?
a.income broadly defined minus income items that are ex-
cluded from taxation
b.the starting point for reporting income items on a tax return
c.increase in a taxpayer's wealth and recovery of the taxpayer's capital investment that Congress has decided should not be subject to income tax
d.an item that does not affect the current period's taxable income but will affect taxable income in a future tax year
5. What is an expense?
a.occurs when an asset is disposed of for a selling price that is less than its tax cost
b.a current period expenditure that is incurred to earn income
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Summary
c.subtractions from gross income
d.an excess of allowable deductions for a tax year over the reported income for the year
6. What is the objective of tax planning?
a.to minimize after-tax wealth
b.to maximize after-tax wealth
c.to minimize pre-tax wealth
d.to maximize pre-tax wealth.
7.What must be considered in tax planning? a. income shifting
b. a taxpayer's marginal tax rate c. the time value of money
d. the real after-tax cost
8.Why is Germany undergoing an extensive tax reform? a. to put more money in the pockets of individual taxpayers
b.to have a negative effect on foreign investment
c.to put more money in the pockets of employers
d.to have a positive effect on investment
9. In Germany you can be subject to tax if you
a.are a German resident
b.have a foreign source of income
c.have German source of income
d.are a foreign citizen
10. How has the Tax Administration of the Republic of Slovenia increased the efficiency of work and tax collection?
a.by training the personnel
b.by the establishment of the unified tax administration.
c.by the worsening of concurrent supervision procedures
d.by publishing the rights and obligations of tax collectors
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Additional Reading
Text 1. A Survey of the UK Tax System
by L. Chennells, A. Dilnot and N. Roback Updated August 2000
Introduction.
This text provides an overview of the UK tax system, describing how each of the main taxes works and setting their current state into the context of the past 21 years. We begin with a brief assessment of the total amount of tax raised in the UK and the individual contribution made by each tax. Then we describe the structure of each of the main taxes: income tax; National Insurance contributions; value added tax and other indirect taxes; capital taxes such as capital gains tax and inheritance tax; corporation tax; taxes on North Sea oil production; local (council) tax; and the nondomestic property tax. The information given in these sections relates, where possible, to the tax system for the fiscal year 2000—01.
We set the current system in the context of reforms that have taken place over the last 21 years. This section attempts to draw together elements such as the changing structure of income tax and National Insurance contributions, the taxation of different forms of saving and developments in indirect taxation, corporation tax and local taxes.
Part 1. The tax system. Income tax
Income tax liabilities
Over 26 million individuals pay income tax in the UK but not all income is subject to tax. The main kinds of income that are subject to income tax are earnings from employment and selfemployment, unemployment benefit, pension payments during retirement, profits from business, income from property, bank and
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