Unit 14: Taxes II

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

Consumption tax

a tax that is added to the price of goods or services which are bought by the public

Generate

to produce or create something

Import duty

a tax placed on goods coming into one country from another

In effect

to be active, or being used

Offset

to balance one influence against another

Organ

an organization that works as part of a larger organization

Per annum

annual or each year

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 credit

an amount of money, calculated on personal situation, that reduces tax payable

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