Lesson 56: Taxes (18-25 minutes)

Transcription

1 Main Topic 9: Finance and Budgeting Lesson 56: Taxes (18-25 minutes) Today, you will: 1.Learn useful vocabulary related to TAXES. 2.Review Verb Form- Present Progressive Tense. I. READING Exercise 1: What s missing? (5-6 minutes) Read the following COMPANY RULES ON TAX carefully. Choose the best word that would fill in the blanks. Exercise 2: Reading Check-up (3-4 minutes) XY Electronics Incorporated M E M O R A N D U M To: All Departments From: Finance Department Date: May 28, 2010 Re: Claiming tax deduction for Business Related Entertainment In the past, employees can every business related entertainment expense, but the 1. a. write at b. write in c. write on d. write off government recently amended the taxation law concerning Business Related Entertainment. Now, employees may only 50% of expense in entertaining clients or customers. 2. a. deductible b. deduction c. deduct d. deduce Qualified business entertainment includes taking a client to a ball game, a concert, or a dinner at an expensive restaurant. Parties, picnics, and other events for the employees and their families are an exception to the 3. a. social b. spiritual c. emotional d. economical 50% rule such events are 100% deductible. The Finance Department advises employees to decrease their business related entertainment, because it is not completely tax-deductible. 1

2 Answer the following questions based on the previous text. 1. What is the exemption to the new tax rule? 2. What does Business-Related Entertainment mean? Exercise 3: Compare and Connect (3-5 minutes) Read the following ANNOUNCEMENT ON INCOME TAX RETURN and try to answer the questions that follow. HOW TO FILE AN INCOME TAX RETURN THE FISCAL YEAR IS COMING TO AN END! XY Electronics company will be filing their income tax return and so will their employees. To make things easier for first time filers, the Finance Department released pointers on how to file an income tax return. Kindly follow the directions below: A. write your annual salary earned B. write your net income C. write your total fixed-rate exemptions D. write your income tax withheld at source E. fill out the marital status box F. fill out the number of dependents box G. write your fixed-rated exemptions H. write employer s name and address After you finish filling out the form, you can submit it to the Finance Department, and we ll pass it to the National Tax Office for you! Deadline is on the 10 th of February. You can get the Income Tax Form on the Finance Department after two weeks. Questions: 1. For whom is the announcement? 2. What should you do after writing your net income? 3. If an XY employee had a family picnic and he was able to claim a tax deduction, how do you think will it affect his income tax return? 2

3 II. LISTENING (1-2 minutes) Exercise 1: What s in the photo? Study the following picture carefully. Then listen to the audio clip that follows. Question: Which of the following is true about the picture? AUDIO 1 cdn.rarejob.com/material/intermediate/toeic/audio/toeic2mc_056.mp3 3

4 Exercise 2: Fill in the details (3-4 minutes) Listen to the following audio clip once then try to answer the exercises that follow. AUDIO 2 cdn.rarejob.com/material/intermediate/toeic/audio/toeic2convo_056.mp3 Read the following sentences carefully. Try to supply the missing word or phrase based on the listening clip. 1. What does fixed exemptions mean? 2. It means if you for an exemption, you can get a deduction on your taxable income. 3. You can of two kinds of fixed-rated exemptions. CHOICES: spouses rated qualify avail Exercise Exercise 4

5 3: Answering Questions (3-4 minutes) Read the following questions about the audio clip then choose the best answer from the four choices. You may opt to listen to the clip one more time with your tutor. 1. Among the choices, what is not a fixed rated exemption? a. Deduction for donations b. Deduction for dependents c. Deduction for ability d. Deduction for spouses 2. Who are the man s dependents? a. Wife and a 2 year old daughter b. Wife and a 3 year old daughter c. Wife and a 4 years old daughter d. Wife and a 5 year old daughter 3. How much is the man s annual income? a yen b yen c yen d yen 4. What are the fixed-rated exemptions that the man can get? a. Deduction for disability and dependents b. Deduction for spouse and a dependent c. Deduction for donations and a spouse d. Deduction for a dependent and tax 5. How is the taxable income computed? a. Annual income minus taxes b. Annual income minus deductions c. Annual income minus inclusions d. Annual income minus fix-rated exemptions 5