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Individual Income
The total earnings received by an individual from all sources, including wages, investments, and other forms of compensation.
Marginal Tax Rate
Refers to the rate at which the last dollar of income is taxed, indicating how much tax will be paid on an additional dollar of income.
Tax Payment
The process of paying taxes to governmental authorities, which is obligatory for individuals and businesses.
Tax Rate Structure
The way in which tax rates progress based on variables such as income level, with different rates applied to different levels or brackets of income.
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