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VV 41 – Financial Vocabulary: Corporate Taxes (Part 1)


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In this Video Vocab lesson, we look at English vocabulary for taxes, particularly corporate income tax, which US businesses pay to the Internal Revenue Service, or IRS. Companies must file a return with the IRS every fiscal year. On their returns, companies declare revenue and capital gains and pay a certain tax rate based on those earnings.

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VV 41 – Financial Vocabulary: Corporate Taxes (Part 1)

  1. 1. Textwww.VideoVocab.TV
  2. 2. corporate income tax TAXES Internal Revenue ServiceFILEARETURN Fiscal Year DECLARE Capital Gains I R S Tax rate
  3. 3. TextText
  4. 4. TexText Tax is the money the government collects from people & business to finance the running of the country. Taxes
  5. 5. Text Example “You   have   to   pay   your   taxes   every  year  even  if  you  disagree   with   how   the   government   spends  the  money.”
  6. 6. Text Corporate  Income  Tax
  7. 7. Text Text Corporate  Income  Tax Companies pay corporate income tax as a percentage of their profits.
  8. 8. Text Example “A   good   accountant   can   help   reduce   the   amount   of   corporate   income  tax  a  company  must  pay.”
  9. 9. Text Internal  Revenue  Service
  10. 10. Text Text Internal  Revenue  Service The IRS is an agency of the U.S.government that collects taxes and enforces tax laws.
  11. 11. Text Example “We  received  a  notice  from  the   IRS   saying   that   we   are   late   in   paying  our  taxes.”
  12. 12. Text File  A  Return
  13. 13. Text Text Tax  Return Tax returns are the official statements of income and taxes owed.
  14. 14. Text Text To  File  A  Return When we file a return, we submit these statements to the government for review.
  15. 15. Text Example “In   the   United   States,   the   deadline  for  individuals  to  file  a   tax  return  is  April  15th.”
  16. 16. Text Fiscal  Year
  17. 17. Text Text Fiscal  Year The fiscal year is the one- year period a company uses to calculate their annual financial statements and taxes.
  18. 18. Text Example “Our   company’s   fiscal   year   matches   that   of   the   U.S.   government,   running   from   October  1st  to  September  30th.”
  19. 19. Text To  Declare
  20. 20. Text Text To  Declare When a company files a tax return,it must declare,or officially state,what it has earned.
  21. 21. Text Example “Most   tax   agencies   require   you   to   declare   income   you   have   earned   on   investments   in  other  countries.”
  22. 22. Text
  23. 23. Text Text Capital  Gains Capital gains are the profits earned from selling an asset,such as a building,oraninvestment, such as shares.
  24. 24. Text Capital  Gains  Tax In most countries, companies and individuals are taxed on capital gains.
  25. 25. Text Example “Our  tax  bill  was  very  large  last   year   because   we   had   a   lot   of   capital   gains   from   the   sale   of   property.”
  26. 26. Text Tax  Rate
  27. 27. Text Text Tax  Rate A tax rate is the percentage of tax that a company must pay to government.
  28. 28. Text Tax  Rate The US has a progressive tax rate system,which means rates are higher for companies with bigger profits.
  29. 29. Text Example “  The  IRS  charges  a  tax  rate  of   15%   on   corporations   with   income  under  $50,000.”
  30. 30. Text Now, it’s your turn to practice! Practice
  31. 31. For  example,  if  you  hear… Text Most  tax  agencies  require  you  to                           <beep>                    income  you  have  earned   on  investments  in  other  countries.   Example
  32. 32. Example You  can  say  ... Text Most  tax  agencies  require  you  to                           declare                    income  you  have  earned  on   investments  in  other  countries.  
  33. 33. Text get ready to speak
  34. 34. Text Question  1 We  had  to  pay  tax  on  the  capital                                                   …    <beep>    …                    we  earned  from  selling   our  building.  
  35. 35. Text Answer  1 We  had  to  pay  tax  on  the  capital   gains    we  earned  from  selling  our   building.  
  36. 36. Text Question  2 Your  company  should  file  a  tax    …                                    …                   <beep>  …                  even  if  it  didn’t  make  a  profit.
  37. 37. Text Answer  2 Your  company  should  file  a  tax   return    even  if  it  didn’t  make  a  profit.
  38. 38. Text Question  3 Our  finance  team  is  working  hard  to   prepare  statements  for  the  end  of   our  fiscal    …                <beep>.  …            
  39. 39. Text Answer  3 Our  finance  team  is  working  hard  to   prepare  statements  for  the  end  of   our  fiscal  year.  
  40. 40. Textwww.VideoVocab.TV