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Children older than 9 or so increasingly rely on
Average Tax Rate
The percentage of total income allocated towards taxes, determined by dividing the taxpayer's total tax payment by their overall income.
Marginal Tax Rate
The tax rate applied to the last dollar of income, representing the rate at which additional income is taxed.
Taxable Income
The portion of an individual’s or corporation's income that is subject to taxes by the government.
Average Tax Rate
The ratio of the total taxes paid to the overall income, found by dividing the aggregate amount paid in taxes by the total income.
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