首页
外语
计算机
考研
公务员
职业资格
财经
工程
司法
医学
专升本
自考
实用职业技能
登录
外语
The American Tax System Governments raise revenues through taxation, A tax is a 【1】______ payment to government. In the Unit
The American Tax System Governments raise revenues through taxation, A tax is a 【1】______ payment to government. In the Unit
admin
2010-03-25
104
问题
The American Tax System
Governments raise revenues through taxation, A tax is a
【1】______ payment to government. In the Unites States, taxes 【1】______
fall into three main categories:
a. Taxes on personal or corporation income;
b. Taxes on wealth, including ownership and【2】______; 【2】______
c. Taxes on activities, including consumption, production,
employment, etc.
Each year in April, taxpayers sort their previous year’s
income and expense records to prepare their income
tax【3】______ They are allowed to take specific types 【3】______
of deductions and【4】______ A deduction applies if 【4】______
they donate to the Red Cross, their【5】______ or other 【5】______
【6】______ organizations. 【6】______
Property taxes are levied primarily on land
and【7】______ Death taxes are levied on 【7】______
【8】______ by the federal government and on inheritances by 【8】______
some state governments. Besides, gift taxes are levied on the
transfer of assets.
Sales taxes are levied on the【9】______ prices of items. 【9】______
Sometimes, the federal government may impose a value-added
tax.
Social security taxes, which are【10】______ taxes levied 【10】______
by the federal government, are collected to finance social
insurance programs.
【8】
The American Tax System
Government budgets deal not only with expenditures, but with revenues. Governments raise revenues through taxation.
A tax is a compulsory payment to government.
Taxes can be levied and classified in may ways. In the United States and many other Western countries there are three principal types of taxes: taxes on income, taxes on wealth and taxes on activities.
Taxes on Income
Income taxes are based on net income—what remains after certain items are deducted from gross income. The items that can be deducted and the tax rates that are applied are specified by law and differ between the personal income tax and the corporation income tax.
Personal Income Tax
Every year in April, millions of American taxpayers begin to sort their previous year’s income and expense records in order to prepare individual income tax returns. This is the first step that must be completed to determine the personal income tax.
In calculating this tax you would be allowed to take specific types of deductions and exemptions. For instance, some deductions that may be made (within limits) from your income are donations to the Red Cross, to your alma mater, and to various other nonprofit organizations. You may also deduct some payments for doctors’ bills, X rays, and medicine; taxes paid to state and local governments l interest paid on loans; and various other outlays. In addition, tax allowances or exemptions are permitted for support of yourself, your family, and your dependents. In this way the government acknowledges the fact that larger families require more funds than smaller ones to meet their living costs.
The amount of income tax you would have to pay at a given income level depends on several things. These include whether you are single or married and what the particular tax rates happen to be at the time. The rates are usually revised by Washington every few years. Nevertheless, certain features of a tax-rate schedule never change.
Corporation Income Tax
The federal government’s second largest source of revenue is the corporate income tax. (Many states also tax corporate incomes, but at lower rates.) The corporate income tax is simple to calculate because it is based on the difference between a company’s total income and its total expenses—its net recent decades it has averaged close to 50 percent.
Taxes on Wealth
Property taxes are levied primarily on land and buildings. The taxes vary from low rates in some rural areas where services are minor to high rates in localities with good streets, schools, and public safety facilities.
Death taxes are levied on estates by the federal government and on inheritances by some state governments. The rates depend on values and amounts. Like income taxes, death taxes exempt small estates and inheritances but tax the unexempt portions at progressive rates. Many wealthy people would try to avoid these taxes by distributing most of their property before death. Therefore, gift taxes are imposed on the transfer of assets beyond certain values. However, various legal devices, such as trust funds and family foundations, have enabled many wealthier individuals to lighten the weight of these taxes.
Taxes on Activities
Sales taxes are imposed by many state and local governments. These taxes are flat percentage levied on the retail prices of items. In some states or cities such commodities as food, medicine, and services are exempt. In other places they are not. The federal government imposes no "general" sales tax on the final sale of goods. However, it does impose special sales taxes, called excise taxes, on the manufacture, sale, or consumption of liquor, gasoline, and other products. From time to time, in order to raise more money, political and economic efforts are exerted to introduce a value-added tax (VAT). This is a type of national sales tax paid by manufacturers and merchants on the value contributed to a product at each stage of its production and distribution. However, this form of tax, although common in Europe, has not yet gained sufficiently wide acceptance for adoption in the United States.
Social security taxes are payroll taxes levied by the federal government. The taxes finance our compulsory social insurance program covering old-age and unemployment benefits. The contributions come from both employees and employers and are based on the incomes of the former. Social security tax should not be confused with the income tax which is also a tax on earnings. Social security taxes are used for a specific purpose. Income taxes are used for many purposes.
选项
答案
estates
解析
转载请注明原文地址:https://kaotiyun.com/show/ALqO777K
0
专业英语八级
相关试题推荐
ChineseAmericanstodayhavehigherincomesthanAmericansingeneralandhigheroccupationalstatus.TheChinesehaverisento
Intheinformationtechnologyindustry,itiswidelyacknowledgedthathowwellITdepartmentsofthefuturecanfulfiltheirbu
Howeverattractivethefiguresmaylookonpaper,inthelongrunthesuccessorfailureofamergerdependsonthehumanfactor
A、Non-universityinstitutions.B、Non-degreeprogrammes.C、RecreationalCentres.D、SpecialistcollegesA
Wholefamiliesofmusiciansarenotexactlyrare.However,itisunusualtocomeacrossonethatincludesnotonlywritersandp
A、Ourdelivertimeisatleastonemonth.B、Weofferadiscountifyouordermorethan80.C、Theoriginalpriceofthismodelis
TherelativedeclineofAmericaneducationattheelementary-andhigh-schoollevelshaslongbeenanationalembarrassmentasw
EatingouthasbecomeasAmericanasapplepie,butforthosemanningthekitchen,restaurantworkisanythingbutanAmericand
WhichofthefollowingstatementsisCORRECT?U.S.lawmakers
Thestudyofthewayinwhichsoundsymbolsarearrangedtoformwordsis
随机试题
A、Itdropsbyhalf.B、Itincreasesgreatly.C、Itkeepsstable.D、Itboomsinglobalscale.A新闻开头提到去年夏季原油价格是100美金每桶,而现在是46.5美金每桶,
董仲舒说:“仁而不智,则爱而不别;智而不仁,则知而不为。”这说明,他认为教育应()
甲某假扮尼姑到乙某家化缘,对乙某说:“你家有血光之灾,要到九华山去烧香才能逃此劫难。”乙某说没时间去,向甲某讨要其他解救之法。甲某表示只要乙某照她说的去做,便可解此难。于是,甲某把写着乙某家人生辰八字的纸烧了,用纸包好纸灰,又叫乙某拿出丈夫的衣服和2000
准备阶段项目决策管理层管理内容包括()。
在教育理论研究过程中,第一个基本步骤是()
中国从新民主主义社会向社会主义社会转变的开端是()
[*]
如下图所示,某校园网使用10Gbps的POS技术与CERNET相连,POS接口的帧格式使用SDH,R1和R2之间使用静态路由。请阅读以下R1和R2关POS接口和静态路由的配置信息,并补充空白处的配置命令或参数,按题目要求完成路由器的相关配置。R1的P
A、Theeruptedlava.B、Thedestructiveash.C、Theunbearablebeat.D、Thepoisonousgas.B①B是反复明确听到的信息。A先被女士提及,但随即被男士否定。②原文出现了最高级t
A、Inahotel.B、Atabookstore.C、Atatravelagency.D、Atabookingoffice.C场景推断题。女士告诉男士想预订七月份的假期行程;男士说首先得把时间定下来,然后再选地点,并问女士准备
最新回复
(
0
)