Examlex
Interpret the following prescription. amoxicillin 250 mg/5 cc viii Sig: i tid ac
Taxable Income
The portion of an individual's or organization's income that is subject to taxation by governing authorities.
Horizontal Equity
Horizontal equity is a principle in taxation that dictates that individuals with similar income and assets should pay the same amount in taxes.
Vertical Equity
A principle in taxation that individuals with a higher ability to pay should contribute more taxes.
Progressivity
Refers to a tax system in which the tax rate increases as the taxable amount increases.
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