1. TASK: Insert the appropriate word in the text below:
comprehensive - compute - dependent
eligible - exempt - imposed - paid
on - interest - progressive - varied
A tax is _________ on net taxable income in the United States by the federal, most state, and some local governments. Income tax is imposed _________ individuals, corporations, estates, and trusts.
The rate of tax at the federal level is _________; that is, the tax rates on higher amounts of income are higher than on lower amounts. Federal tax rates in 2013 _________ from 10% to 39.6%.
Individuals are _________ for a reduced rate of federal income tax on capital gains and qualifying dividends. The tax rate and some deductions are different for individuals depending on filing status. Married individuals may _________ tax as a couple or separately. Single individuals may be eligible for reduced tax rates if they are head of a household in which they live with a _________.
Taxable income is defined in a _________ manner in the Internal Revenue Code and tax regulations issued by the Department of Treasury and the Internal Revenue Service. Taxable income is gross income as adjusted minus deductions.
Gross income includes all income earned or received from whatever source. Some income, however, is _________ from income tax. This includes interest on municipal bonds.
Adjustments (usually reductions) to gross income of individuals are made for alimony _________, contributions to many types of retirement or health savings plans, certain student loan _________, half of self-employment tax, and a few other items. The cost of goods sold in a business is a direct reduction of gross income.
2. CHECK YOUR SPEAKING
|
comprehensive |
ˌkɒm.prɪˈhen.sɪv |
повний, всеосяжний |
|
to compute |
kəmˈpjuːt |
подсчитывать |
|
dependent |
dɪˈpen.dənt |
підраховувати |
|
eligible |
ˈel.ɪ.dʒə.bl̩ |
має право, прийнятний |
|
exempt |
ɪɡˈzempt |
звільнений від податків |
|
to impose |
ɪmˈpəʊz |
оподатковувати |
|
interest |
ˈɪntrəst |
інтерес |
|
on |
on |
на |
|
to pay |
peɪ |
платити |
|
progressive |
prəˈɡres.ɪv |
прогресивний |
|
varied |
veərid |
різноманітний |
3. SEE CORRECT ANSWER
A tax is imposed on net taxable income in the United States by the federal, most state, and some local governments. Income tax is imposed on individuals, corporations, estates, and trusts.
The rate of tax at the federal level is progressive; that is, the tax rates on higher amounts of income are higher than on lower amounts. Federal tax rates in 2013 varied from 10% to 39.6%.
Individuals are eligible for a reduced rate of federal income tax on capital gains and qualifying dividends. The tax rate and some deductions are different for individuals depending on filing status. Married individuals may compute tax as a couple or separately. Single individuals may be eligible for reduced tax rates if they are head of a household in which they live with a dependent.
Taxable income is defined in a comprehensive manner in the Internal Revenue Code and tax regulations issued by the Department of Treasury and the Internal Revenue Service. Taxable income is gross income as adjusted minus deductions.
Gross income includes all income earned or received from whatever source. Some income, however, is exempt from income tax. This includes interest on municipal bonds.
Adjustments (usually reductions) to gross income of individuals are made for alimony paid, contributions to many types of retirement or health savings plans, certain student loan interest, half of self-employment tax, and a few other items. The cost of goods sold in a business is a direct reduction of gross income.
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