Examlex
What is the role of the term "compensation" with respect to the essential content of an employment contract?
Taxable Income
The amount of an individual's or company's income that is subject to taxes, after all deductions and exemptions are applied.
Average Tax Rate
The percentage of total income paid in taxes, calculated by dividing the total tax paid by the taxpayer’s total income.
Tax Schedule
A chart or list that outlines the rates of taxation for different levels of income or types of taxpayers.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, demonstrating the percentage of tax applied to your income for each tax bracket in which you qualify.
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