Instructions: Identify the Following Term(s)

question 105

Short Answer

Instructions: Identify the following term(s).
Semitic

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Definitions:

Marginal Income Tax Rate

The rate at which the last dollar of a taxpayer’s income is taxed, indicating the percentage of an additional dollar of income that will be paid in taxes.

Tax Schedule

A chart or table that displays tax rates applied to various income levels, dictating how much tax is owed based on income.

Proportional Tax

A tax system where the tax rate remains constant regardless of the amount on which the tax is levied.

Marginal Tax Rate

The percentage at which the next dollar earned of taxable income is subjected to tax.