1. TASK: Insert the appropriate word in the text below:
certain - claim - сontributions
related - excess - file - flat - time
examined - subject - electronically
Personal deductions: Individuals are allowed several nonbusiness deductions. A _________ amount per person is allowed as a deduction for personal exemptions. For 2015 this amount is $4,000. Taxpayers are allowed one such deduction for themselves and one for each person they support.
Standard deduction: In addition, individuals get a deduction from taxable income for_________personal expenses. Alternatively, the individual may _________ a standard deduction. For 2015, the standard deduction is $6,300 for single individuals, $12,600 for a married couple, and $9,250 for a head of household.
Itemized deductions: Those who choose to claim actual itemized deductions may deduct the following, subject to many conditions and limitations:
• Medical expenses in _________ of 10% of adjusted gross income,
• State, local, and foreign taxes,
• Home mortgage interest,
• _________ to charities,
• Losses on nonbusiness property due to casualty, and
• Deductions for expenses incurred in the production of income in excess of 2% of adjusted gross income.
Tax credits: All taxpayers are allowed a credit for foreign taxes and for a percentage of certain types of business expenses. Individuals are also allowed credits _________to education expenses, retirement savings, child care expenses, some health care premiums, and a credit for each child. Each of the credits is _________ to specific rules and limitations. Some credits are treated as refundable payments.
Tax returns: Most individuals must _________ income tax returns to self assess income tax in each year their income exceeds the standard deduction plus one personal exemption.
These returns may be filed _________. Generally, an individual's tax return covers the calendar year. Corporations may elect a different tax year. Most states and localities follow the federal tax year, and require separate returns.
Tax penalties: Failing to make payments on _________, or failing to file returns, can result in substantial penalties. Certain intentional failures may result in jail time.
Tax returns may be _________ and adjusted by tax authorities. Taxpayers have rights to appeal any change to tax, and these rights vary by jurisdiction. Taxpayers may also go to court to contest tax changes.
2. CHECK YOUR SPEAKING
|
certain |
ˈsɜːtn |
певний |
|
to claim |
kleɪm |
заявляти |
|
contributions |
ˌkɒn.trɪˈbjuː.ʃən |
вклад |
|
electronical |
ɪlekˈtrɒnɪkel |
електронний |
|
to examine |
ɪɡˈzæm.ɪn |
вивчати |
|
to excess |
ɪkˈses |
перевищення |
|
to file |
faɪl |
здавати звіт в податкову |
|
flat |
flæt |
єдиный |
|
to relate |
rɪˈleɪ.tɪd |
мати відношення |
|
subject |
ˈsʌbdʒɪkt |
підпадати |
3. SEE CORRECT ANSWER
Personal deductions: Individuals are allowed several nonbusiness deductions. A flat amount per person is allowed as a deduction for personal exemptions. For 2015 this amount is $4,000. Taxpayers are allowed one such deduction for themselves and one for each person they support.
Standard deduction: In addition, individuals get a deduction from taxable income for certain personal expenses. Alternatively, the individual may claim a standard deduction. For 2015, the standard deduction is $6,300 for single individuals, $12,600 for a married couple, and $9,250 for a head of household.
Itemized deductions: Those who choose to claim actual itemized deductions may deduct the following, subject to many conditions and limitations:
• Medical expenses in excess of 10% of adjusted gross income,
• State, local, and foreign taxes,
• Home mortgage interest,
• Contributions to charities,
• Losses on nonbusiness property due to casualty, and
• Deductions for expenses incurred in the production of income in excess of 2% of adjusted gross income.
Tax credits: All taxpayers are allowed a credit for foreign taxes and for a percentage of certain types of business expenses. Individuals are also allowed credits related to education expenses, retirement savings, child care expenses, some health care premiums, and a credit for each child. Each of the credits is subject to specific rules and limitations. Some credits are treated as refundable payments.
Tax returns: Most individuals must file income tax returns to self assess income tax in each year their income exceeds the standard deduction plus one personal exemption.
These returns may be filed electronically. Generally, an individual's tax return covers the calendar year. Corporations may elect a different tax year. Most states and localities follow the federal tax year, and require separate returns.
Tax penalties: Failing to make payments on time, or failing to file returns, can result in substantial penalties. Certain intentional failures may result in jail time.
Tax returns may be examined and adjusted by tax authorities. Taxpayers have rights to appeal any change to tax, and these rights vary by jurisdiction. Taxpayers may also go to court to contest tax changes.
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