An English Course in Practical Taxation. Учебно-практическое пособие

Glossary

H

heir (n.) — a person who is entitled by law or by the terms of a will to inherit the estate of another

honesty — the quality of being honest

I

impose a tax — levy a tax on

incentive (n.) — a positive motivational influence

income (n.) — the financial gain (earned or unearned) accruing over a given period of time

income tax — a personal tax levied on annual income income-producing —the financial gain (earned or unearned) accruing over a given period of time

increase (v.) — a process of becoming larger or longer or more numerous or more important

insurance premium — payment for insurance integrity (n.) — moral soundness

interact (v.) — act together or towards others or with others interest (n.) — a charge for a loan, usually a percentage of the amount loaned

Internal Revenue Service — the bureau of the Treasury Department responsible for tax collections

involuntary (adj.) — not subject to the control of the will

issue (n.) — an important question that is in dispute and must be settled

item (n.) — a distinct part that can be specified separately in a group of things that could be enumerated on a list

L

lack (n.) — the state of needing something that is absent or unavailable

lease period — an amount of time of rent

level (n.) — a relative position or degree of value in a graded group

levy (v.) — impose and collect

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life insurance — insurance paid to named beneficiaries when the insured person dies

limitation (n.) — a principle that limits the extent of something litigation (n.) — a legal proceeding in a court

living expenses — amounts paid for living that may be currently tax deductible

loan (n.) — a sum of money lent for a specified period and repayable with interest

luxury tax — levy on articles that are not essential to a normal standard of living. Such taxes may be imposed strictly for revenue purposes or they may be intended to discourage consumption of certain articles

M

maintain (v.) — keep in a certain state, position, or activity marginal tax rate — the amount of tax paid on an additional dollar of income.

marital deduction — A tax reduction that is mainly used for the purposes of estate and gifts. It allows an individual to transfer some assets to his or her spouse tax free, creating a deduction in taxable income.

market value — the price at which buyers and sellers trade the item in an open marketplace

match (v.) — be compatible, similar or consistent

media (n.) — a means of communication that reaches the general public and carries advertising

medical care — professional treatment for illness or injury municipal (adj.) — relating or belonging to a city, town, etc. or its local government

N

neglect (v.) — leave undone or leave out

nontaxable (adj.) — (of goods or funds) not subject to taxation

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Glossary

O

objective (n.) — aim, target

obstruct (v.) — hinder or prevent the progress or accomplishment obtain (v.) — come into possession

occupation (n.) — the principal activity in your life that you do to earn money

offsetting (adj.) — compensating for

on smb’s behalf — in the interest of smb.

ordinary income — income derived from regular business activities

outline (v.) — describe roughly or briefly or give the main points or summary of

override (v.) — disregard, nullify

P

pay-as-you-go taxation — the system or practice of paying debts as they are incurred

payroll tax — tax an employer withholds and/or pays on behalf of their employees based on the wage or salary of the employee penalty (n.) — a sum of money paid

permanently (adj.) — for a long time without essential change permit (v.) — consent

personal property — temporary or movable property postpone (v.) — hold back to a later time

precedent (n.) — an example that is used to justify similar occurrences at a later time

predetermined (adj.) — set in advance presumably (adv.) — by reasonable assumption

prevail (v.) — be larger in number, quantity, power, status or importance

primary (adj.) — of first rank or importance or value; direct and immediate rather than secondhand

proceeds (n.) — the income arising from land or other property promote (v.) — contribute to the progress or growth of

property tax — a capital tax on property imposed by municipali-

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ties; based on the estimated value of the property provide (v.)— furnish with

pure (adj.) — free of extraneous elements of any kind

Q

qualitative (adj.) — involving distinctions based on qualities quantity (n.) — an amount, number

quote (v.) — repeat a passage from

R

raise (v.) — elevate, increase, collect

real property — property consisting of houses and land recognition (n.) — the state or quality of being acknowledged recurring (adj.) — coming back

refer (v.) — have to do with or be relevant to

reference (n.) — a remark that calls attention to something or someone

refinement (n.) — the result of improving something reflect (v.) — manifest or bring back

refund (n.) — money returned to a payer regardless (adv.) — in spite of everything

reimburse (v.) — pay back for some expense incurred

relation (n.) — a general concept formed by extracting common features from specific examples

relatively (adj.) — by comparison to something else reluctant (adj.) — unwilling to do something remain (v.) — stay the same;

remit (v.) — release from (claims, debts, or taxes) remuneration (n.) — compensation, payment render (v) — provide or furnish with

repeal (v.) — the act of abrogating; an official or legal cancellation replacement cost — current cost of replacing a fixed asset with a new one of equal effectiveness

154

Glossary

require (v.) — make someone do something; have need of resident (n.) — someone who lives at a particular place for a prolonged period or who was born there

retirement benefit — a regular payment to a person that is intended to allow them to subsist without working

revenue (n.) — the entire amount of income before any deductions are made

review (v.) — look at again; examine again

S

sales tax — a tax based on the cost of the item purchased and collected directly from the buyer

satisfy (v.) — fulfil the requirements or expectations

schedule (n.) — a temporally organized plan for matters to be attended to

self-employed (adj.) — working for yourself

settlement (n.) — an agreement, arrangement or adjustment shifting (n.) — he act of moving from one place to another significant (adj.) — important in effect or meaning similarly (adv.) — in like or similar manner

sliding scale — a scale in which indicated prices, taxes, or wages vary in accordance with another factor, as wages with the cost-of- living index or medical charges with a patient's income

spouse (n.) — a person's partner in marriage

start-up (n.) — a business or an undertaking that has recently begun operation

statutory (adj.) — elating to or created by statutes; prescribed or authorized by or punishable under a statute

stocks (n.) — state securities

strive for (v.) — try (hard), seek; make an effort

subject (adj.) — being under the power or sovereignty of another or others

subsequent (adj.) — following in time or order

substantial (adj.) — being the essence or essential element of a thing

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An English Course in Practical Taxation

substitute (n.) — a person or thing that takes or can take the place of another

succeed (v.) — reach a desired goal

suffice (v.) — be adequate, either in quality or quantity

support (v.) — the activity of providing for or maintaining by supplying with money or necessities

surcharge (n.) — an additional charge (as for items previously omitted or as a penalty for failure to exercise common caution or common skill)

survivor's benefit — insurance or pension money payable to a beneficiary of a deceased

T

take-home pay — what is left of your pay after deductions for taxes and dues and insurance etc.

tax avoidance — the minimization of tax liability by lawful methods

tax collector — someone who collects taxes for the government tax credit — a direct reduction in tax liability

tax evasion — the deliberate failure to pay taxes (usually by making a false report)

tax rate — rate used to calculate tax liability

tax relief — the condition of being relieved of tax

tax return — document giving the tax collector information about the taxpayer's tax liability

taxable (adj.) — (of goods or funds) subject to taxation tax-exempt (adj.) — of goods or funds not taxed taxpayer (n.) — someone who pays taxes

timing (n.) — the time when something happens transaction (n.) — deal

transfer tax — any tax levied on the passing of title to property

U

undergo (v.) — experience; go through

unemployment benefits — sums of money given to the unem-

156

Glossary

ployed by the government or a compulsory para-governmental insurance system. Depending on the jurisdiction and the status of the person, those sums may be meager, covering only basic needs (thus a form of basic welfare), or may compensate the lost pay somewhat proportionally to the previous earned salary. They often are part of a larger social security scheme.

V

valid (adj.) — well grounded in logic or truth or having legal force value added tax — tax added onto a product during each step of production, from raw material to finished good

variety (n.) — a collection containing a variety of sorts of things vary (v.) — make or become different in some particular way, without permanently losing one's or its former characteristics or essence

vehicle (n.) — a conveyance that transports people or objects violate (v.) — act in disregard of laws and rules

voluntary (adj.) — of your own free will or design; not forced or compelled

W

wages (n.) — money paid to an employee for work done wind up (v.) — finally do something

withhold (v.) — hold back

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Нина Борисовна Назарова Екатерина Владимировна Коробова

AN ENGLISH COURSE IN PRACTICAL TAXATION

Учебно-практическое пособие

Ответственный за выпуск Е.Н. Царьков В авторской редакции Компьютерная верстка С.И. Королева

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