taxable amount应纳税额
input tax and output tax进项、销项
一、Explain the meaning of some concepts (3’*6)
FICA直接按照社会保障税去理解
The Federal Insurance Contributions Act (FICA) is a United States payroll (or employment) tax imposed by the federal government on both employees and employers to fund Social Security and Medicare —federal programs that provide benefits for retirees, the disabled, and children of deceased workers（OASDI） Public service
\Service\is used to describe services provided (directly or indirectly) by a government to its citizens;
It is also an alternate name for the system of governmental departments,agencies and employees in the public sector; also called Civil Service. Flat tax rate
A true flat tax rate, also called a proportional rate, takes a constant percentage from all levels of income. Whatever the taxable amount, the tax is levied in the same percentage. Forward shifting
Forward shifting means the tax burden is shiftedforward entirely to the user, rather than the supplier. Tax object
Tax object is the act to which both the rights and obligations of the parties concerned in the legal relations of taxation are directed. Statutory exclusions
Statutory exclusions is the income that is excluded from the tax liability according to the
tax law.Such as interest on certain State and local bonds, employer-provided health insurance, employer-provided pension contributions and so on. Compliance cost遵从成本
A compliance cost is the time, money or other cost taken by the taxpayersto obey the legislation or regulation when paying off the tax.
For example, people or organizations registered for VAT have the extra burden of having to keep detailed records of all input tax and output tax to facilitate the completion of VAT returns. This may necessitate them having to employ someone skilled in this field, which would be regarded a compliance cost. Neutral fiscal policy
is usually undertaken when an economy is in equilibrium. Government spending is fully funded by tax revenue and overall the budget outcome has a neutral effect on the level of economic activity. Ability-to-pay principle
The first equity principle is ability-to-pay principle, which is based on the idea that people should be taxed according to their ability to pay, regardless of the benefits they receive. Horizontal equity Vertical equity
Council tax 居住房屋税
Council tax is a tax on domestic dwellingsby local authorities (councils)throughout Britain and is based on the estimated value of your dwelling and the number of people living in it.
二、Translate the following words into English (1’*12)
紧缩性财政政策Contractionary Fiscal Policy 累进税率progressive tax rate
纳税期限The term of tax 分项扣除itemized deduction 税额扣除 tax credit 纳税申报表 tax return 从价税 ad valorem tax 人头税 poll tax
个人免税额 personal exemption 蓝色申报制度blueform return system 逃税tax evasion
需求价格弹性 price elastic of demand 纵向公平 vertical equity 间接税 indirect tax 税负转嫁 tax shifting
消费者剩余 the consumer surplus 销售税 sale tax 国民收入捐 income tax 减税 tax deduction
三、Answer the following questions in brief (5’*5)
1、Can public goods and services be provided by private sectors? Why?
Goods supplied by government for the good of all are referred to as public goods. Implicit in the notion of a public good is the fact that there is no connection between the consumption of the public good and the payment for it.
Therefore, as public goods are indivisible, taxpayers must be indirectly coerced to finance their provision through taxation.
2、Analyze tax effects on labor supply.
The effects of tax on labor supply can be divided into two types.
FIRST one is Substitution Effect. The tax lowers the cost to the individuals of not working, therefore they would choose to consume instead of working.
The second one Income Effect.The tax would decrease the disposableincome of individuals. Therefore, taxpayers must work more hours to maintain the same amount of wages as they earned before the tax.
3、How to calculate the federal individual income tax in the USA?
? Gross Income (Statutory exclusions)
FIRSTLY, calculate the gross income. It includes all source of income except statutory deductions.
Secondly, calculate the adjusted gross income. AGI equals to gross income subtracts certain“above-the-line” deductions.
Thirdly, calculate the taxable income. It equals to AGI less personal exemption and standard deduction or itemized deduction.
Finally，The tax payable =(taxable income) *(applicable tax rate)-withholding tax-tax credit.
4、What is Business Rates in the UK?
? ? ? ? ? ? ? ?
Less above the line deductions Equal AGI
Less Deductions and Personal Exemption Equal TI（taxable income） X（乘以）Applicable tax rate Less withholding tax Less Tax credit Equal Tax payable
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