Examlex
Particles composed of quarks are
Taxable Income
The portion of income that is subject to income tax after all deductions, exemptions, and credits are considered.
Tax Liability
The total amount of tax owed by an individual or business entity to taxing authorities like the IRS after accounting for deductions, credits, and exemptions.
Tax Rate Structure
The system of varying tax rates that apply to different levels of income, used by governments to calculate tax liability.
Regressive
pertains to a tax system where the tax rate decreases as the taxable amount increases, meaning lower-income individuals pay a higher percentage of their income compared to higher-income individuals.
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