Financial Vocaburaries - Tax and Audit 1

1. Tax : Tax is the money the government collects from people & business to finance the running of the country

   Ex] You have to pay your taxes every year even if you disagree with how the government spends the money.

 

2. Corporate Icome Tax : Companies pay corporate income tax as a percentage of their profits.  [법인세]

   Ex] A good accountant can help reduce the account of corporate income tax a company  must pay.

 

3. Internal Revenue Service(IRS) : The IRS is an angency of the U.S. government that collects taxes and enforces tax laws.  [미국의 국세청]

   Ex] We received a notice from the IRS saying that we are late in paying our taxes

 

4. Tax Return : Tax returns are the official statements of income and taxes owed.  [소득신고서]

    To File A Return : When we file a return, wesubmit these statements to the government for review.  [소득신고서 제출]

   Ex] In the United States, the deadline for individuals to file a tax return is April 15th.

 

5. Fiscal Year : The fiscal year is the one-year period a company uses to calculate their annual financial statements and taxes.  [회기연도]

 

6. To Declare : When a company files a tax return, it must declare, or officially state, what it has earned. [신고하다]

   Ex] Most tax agencies require you to declare income you have earned on investments in other countries.

 

7. Captial Gains : Captial gains are the profits enrned from selling an asset, such as a buildng, or an investment, such as shares.  [자본 이득. 부동산/양도소득]

    Capital Gains Tax : In most countries, companies and individuals are taxes on capital gains.

   Ex] Our tax bill was very large last year because we had a lot of captial gains from the sale of property.

 

8. Tax rate : A tax rate is the percentage of tax that a company must pay to government.

   Ex] The US has a progressive tax rate system, which means rates are higher for companies with bigger profits.