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Exorbitant
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Unreasonably high in price or cost.
Extortionate
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Excessively expensive or unfairly priced.
Insolvency
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Inability to meet financial obligations.
Welfare
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Government financial support for those in need.
Indirect taxes
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Taxes applied to goods and services.
Direct taxes
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Taxes paid directly to the government by individuals or firms.
Value Added Tax
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A consumption tax applied at each stage of production.
Tariff
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A tax on imported goods.
Excise duty
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A tax on specific goods such as alcohol or fuel.
Personal Income Tax
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Tax on an individual's earnings.
Corporate Income Tax
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Tax on a company's profits.
Civil Law Activities Tax
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A tax applied to certain legally regulated activities.
Progressive Tax
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A tax where the rate increases with income.
Regressive Tax
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A tax that takes a larger percentage from low‑income earners.
Flat Tax
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A single tax rate applied to all incomes.
Tax exile
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A person who relocates to avoid high taxes.
Impose tax
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To apply or enforce a tax.
Tax evasion
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Illegal avoidance of paying taxes owed.
Tax avoidance
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Legal strategies to reduce tax liability.
Tax break
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A reduction in taxes owed.
Abolish tax
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To eliminate a tax completely.
Tax exemption
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A rule allowing certain income to be free from tax.
Tax return
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A form filed to report income and calculate taxes owed.
to repossess
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when the mortgaged property is taken over by the bank
to recoup
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to recover, to get sth back
Wage
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Regular payment earned for work or services, typically paid hourly or weekly.
Salary / wage
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Fixed regular payment, typically paid monthly, often expressed annually.
Remuneration
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Overall compensation or payment received for employment or services rendered.
Overtime
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Time worked beyond regular hours, often paid at a higher rate.
Increment
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An increase in salary or wage, usually annually or based on performance.
Deduction
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An amount subtracted from gross pay, such as taxes or insurance.
Dock
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To reduce an employee’s pay as a penalty for lateness or misconduct.
Minimum wage
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The lowest wage legally permitted to be paid to a worker.
Pension plan
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A retirement savings plan funded by employer and/or employee contributions.
Advance
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A prepayment of wages or salary before it is due.
Sub
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Short for substitute; someone temporarily filling in for another.
Payslip
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A document showing an employee’s earnings and deductions for a pay period.
Bonus
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Extra payment given as a reward for performance or results.
Payroll
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The total of all employees’ wages, salaries, and bonuses within a company.
Rewards package
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The complete set of financial and non-financial rewards offered to an employee.
Weighting
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An additional amount added to salary based on geographic location or cost of living.
Leave entitlement
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The amount of paid leave (e.g., vacation, sick days) an employee is entitled to.
Income
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Money received for work or through investments.
Revenue
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Total income generated by a business before expenses are deducted.
Expenditure
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Money spent by an organization or individual.
Stock options
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A benefit allowing employees to buy company shares at a fixed price.
Incentive plan
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A structured plan offering financial or other rewards for achieving goals.
Rate
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A measure, quantity, or frequency, often used to set pay or price levels.
Redundancy
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Loss of employment due to job elimination rather than employee fault.
Redundancy pay
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Compensation paid to an employee who is made redundant.
Severance
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Payment made to an employee upon leaving a company, often after redundancy.
Discount
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A reduction in the usual price of goods or services.
Relocation allowance
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Allowance to cover moving expenses for a job relocation.
Danger money
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Extra pay for working in hazardous or dangerous conditions.
Gross
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Total earnings before taxes or deductions.
Net
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Earnings after all taxes and deductions are taken out.
Index-linked
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Adjusted according to inflation or a cost-of-living index.
Commensurate
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Corresponding in size or degree; proportionate.
In arrears
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Payment made after the work period it relates to.
Direct deposit
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Electronic transfer of wages directly into a bank account.
Performance related
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Pay or reward that depends on job performance or results.
Golden handshake
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A large payment to an employee upon leaving a company, usually after long service.
Golden handcuffs
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Financial incentives designed to keep an employee from leaving a company.
Contract of employment
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A legal document outlining the terms and conditions of employment.
For a definite/indefinite time
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Employment that lasts for a set period or indefinitely.
Contract of mandate
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An agreement to perform specific tasks without being employed full-time.
Contract to perform a specified task
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A contract to complete a specific project or deliverable.
Contract for substitution
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Agreement for one worker to temporarily replace another.
Trial period
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A probationary period during which an employee’s suitability is assessed.
To go above and beyond the call of duty
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To perform more than what is required by one’s job responsibilities.
To pull one’s own weight
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To do one’s fair share of work within a team or group.
Job description
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A detailed description of duties, responsibilities, and qualifications for a job.
Go into business
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To start working in business, usually self-employed or entrepreneurial.
Turnover
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Total sales or income generated by a business over a period.
Launch a career
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To begin a professional career, often in a chosen field.
To go under
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When a business fails or becomes bankrupt.
To set up a business
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To start a new business or company.
Take on
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To employ or hire staff; also to accept responsibility.
Business takes off
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When a business grows rapidly or becomes successful.
Manual labour / labor
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Work that requires physical effort rather than mental skill.

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