Vocabulary: Taxes

1. Practice reading the topical vocabulary from the Word File and translate it.

1 income tax add v majority n purchases n include v social security tax tax on property realty n 2 local requisitions license n inheritance tax 3 earn v pay v

Word File privilege n lower v amount of the tax expenses n costs n care for v 4 fill out v Internal Revenue Service Bureau employer n be obliged to paycheck n at the end of the year take out v arrive at v

tax form return v 5 collection n constantly adv. adjust v in order to area n housing construction deductions n introduce v capacity n use v means n regulate v

Reading about Taxes

1 There are several kinds of taxes. The main ones are income taxes: the federal, state (not in all states) and sometimes local. There are also the state and local taxes added on to the price of the majority of purchases, including food. Then there is the social security tax and a tax on property and realty.

2 Besides all these, there are even other small local requisitions – yearly state, and sometimes local taxes, licenses for businesses, an inheritance tax, a school tax, etc.

3 The income tax in America is progressive: the more you earn, the more you pay. There are privileges lowering the amount of the tax: moving expenses, having a big family, medical costs, the number of dependents, the expense of caring for small children, other such expenses.

4 All citizens have to fill out a tax form once a year showing the amount of their income tax for that year and send it to the Internal Revenue Service Bureau. Every employer is obliged to regularly take some money for taxes out of a worker’s paycheck. If at the end of the year the sum taken out is more than that arrived at on the tax form, the government returns the difference to the worker. But if the sum is less than on the tax form, the worker must pay the difference.

5 The collection of income taxes is constantly adjusted in order to stimulate investment in those areas of the economy where it is needed at the moment most of all. So if things are going bad in the housing construction, certain deductions are introduced for persons (establishments) building their own houses. If little money is invested in production capacities, some law is introduced stimulating it. And the federal government has other ways as well of using the income tax laws as a means to regulate the state of the economy.

Vocabulary exercises

2. Complete the table using information from the text.

TAXES

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etc.

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