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| accountant |
An accountant is a person who keeps track of how a business spends its money, gives advice about spending money, and often makes sure the company is paying a correct amount of tax to the government each year. All businesses have to report to the government how much money they make and pay a correct amount of tax. Some companies only use an accountant when they are reporting their income to the government and need to figure out how much tax they have to pay. People who have regular jobs also use accountants sometimes if their money affairs are complicated. |
| income |
Income is the money that you make in some way. The way that most people get income is from working at a job. Some people get income from property that they own. For example, if a person owns a building, they can get income from renting it or from selling it at a higher price than they paid for it. Some people get income from doing business. |
| income tax |
a tax on the income of a person or business. |
| tax |
When a government taxes something, it places a tax on it. Governments sometimes tax things that you buy, for example. That means that when people buy something, they have to pay some money to the government in addition to the money that goes to the store selling it. Governments often tax people's income. That means that some of the money that people make at their jobs goes to the government. People's property is sometimes taxed too. That means that each year people pay something to the government based on how much their property is worth. [1/2 definitions] |
| Third World |
countries that are poor and that depend on farming rather than business and industry for income. |
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