Consider two children, Janet and Joey, sharing the same room. Janet loves to play loud music while Joey does not like loud music. Suppose Janet is willing to pay Joey $2 to be allowed to play loud music, and Joey is willing to pay Janet $3 to keep the room quiet.
Definitions:
Average Tax Rate
The ratio of the total amount of taxes paid to the total taxable income, showing the percentage of income that goes to taxes.
Tax Rate
The percentage of a price or taxable amount that is payable as tax.
Percentage Calculation
The mathematical process of finding a part or portion of a number in terms of 100.
Percentage Calculation
The process of finding a part of a whole number or quantity, typically expressed as a fraction of 100.
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