Identify the Following Terms

question 47

Short Answer

Identify the following terms.
-Benin bronzes

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Definitions:

Federal Income Tax

An annual income tax imposed by the US federal government on individuals, corporations, trusts, and various legal entities.

Average Tax Rate

The portion of an individual's overall income that goes towards taxes, determined by dividing the sum of taxes paid by the total income of the taxpayer.

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating how much of an additional dollar of earnings will be taken as tax.

Taxable Income

The amount of income used to determine how much tax an individual or a company owes to the government, after all deductions and exemptions.