Taxation Terms

noun the process or work of keeping financial accounts

adjective relating to the field of accounting

• The company hired a team of professionals to handle their accounting needs.
• I'm taking an accounting class next semester.
• I heard he's really good with numbers, like a accounting wizard.
• Balancing work and family responsibilities is like managing a complex accounting equation.

noun a fee or tax based on weight or quantity, typically related to shipping or trade

• The poundage of the package exceeded the weight limit for standard shipping.
• I couldn't believe the poundage of the groceries I had to carry up the stairs.
• My new workout routine is all about reducing poundage and toning up.
• The poundage of responsibility on her shoulders was overwhelming.

adjective able to be forgiven or pardoned

• The tax credit is remissible if certain conditions are met.
• You can get a refund on your taxes if you qualify for remissible credits.
• I heard that parking tickets are remissible if you pay them within a certain time frame.
• Forgiveness is sometimes seen as a remissible act in relationships.

noun income, especially when of a company or organization and of a substantial nature

• The company's revenue has steadily increased over the past year.
• We've been making more money lately.
• Our cash flow has been on the rise.
• The revenue stream is flowing in our favor.

adjective relating to a tax or duty imposed based on the value of the item being taxed

adverb in a manner related to the value of the item being taxed

• The import tax is calculated ad valorem based on the value of the goods.
• The sales tax is ad valorem, meaning it's a percentage of the total purchase price.
• I hate paying ad valorem taxes on my property because they keep going up.
• Her love for him was ad valorem, increasing with each passing day.

noun a person or thing that has not been collected or gathered

adjective describing something that has not been collected or gathered

• The uncollected data needs to be analyzed before we can draw any conclusions.
• Don't forget about the uncollected papers on your desk.
• I totally spaced out and left my uncollected laundry at the laundromat.
• Her uncollected emotions were evident in her trembling hands.

noun a system of deducting union dues or agency fees from an employee's wages

verb to deduct union dues or agency fees from an employee's wages

• The checkoff system is used to keep track of completed tasks in the project.
• Don't forget to do the checkoff for the items on the list.
• I'll just do a quick checkoff before we leave.
• The completion of the project was a checkoff on their list of accomplishments.

noun the practice or profession of maintaining financial records

• The field of accountancy requires a strong understanding of financial principles and regulations.
• My cousin is studying accountancy in college and she says it's pretty challenging.
• I'm thinking of switching my major to accountancy because I heard it's a solid career choice.
• In the grand scheme of business, accountancy is the backbone that keeps everything in order.

noun the act of accumulating or receiving something over time, especially benefits or payments

adjective related to the process of accruing something

• The company uses accrual accounting to record revenue and expenses when they are earned or incurred, regardless of when the cash is actually received or paid.
• Accrual accounting is like keeping track of money you've earned but haven't received yet.
• I'm not sure how the whole accrual thing works, but it's supposed to make the financial statements more accurate.
• Just like interest accrues over time, so do the company's expenses and revenues in accrual accounting.