Taxes

"I hate it! I truly, madly, deeply hate it!" Timothy looks up from a huge pile of papers.

"Are you filling out the tax return?" asks Julia sympathetically (= completing the form on which you tell the authorities how much income you had the previous year, i.e. how much money your earned or received, and how much taxes you should pay).


"I'm about to", nods Timothy, looking seriously depressed. "I've got here everything I keep for tax purposes. My paycheck stubs (= slips of paper with information from your employer how much you earned in a given period of time). Statements of dividends earned on the stocks I own (= a part of the profit of a company that is paid to the people who own shares in it). Credit card statements to document my spending (= printed records of the money put into and removed from a credit card account). Rent receipts for our flat (= pieces of paper which prove that money or goods have been received). How am I ever going to make sense of that?!"

"You know, slowly, step by step..." Julia does her best to sound encouraging. "I mean, it is so simple: you calculate your income and then the percentage of it you owe in taxes (= you need to pay). You send it to the IRS and you're all set!"

"Easy for you to say so", sighs Timothy. "What if I can't do it right?"

"The IRS will come and get you", says Julia lightheartedly and walks out of the room without registering the look of terror on Timothy's face (= Internal Revenue Service; the federal agency that collects income taxes in the United States).


EXERCISE 1

Match the expression halves.

  1. a pile

  2. to fill out

  3. for tax

  4. paycheck

  5. credit card

  6. Internal


a. stubs

b. the tax return

c. Revenue Service

d. purposes

e. statements

f. of papers


EXERCISE 2

  1. Complete the questions and then answer them.

  2. How long do you keep the r………………………. for the things you buy?

  3. Do you fill out your tax r…………………….. yourself, or do you have it done by an accountant?Have you ever earned a d……………………. on stocks?


KEY

Ex.1

  1. f

  2. b

  3. d

  4. a

  5. e

  6. c

Ex.2

  1. receipts

  2. return

  3. dividend

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