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Robin owns a dog. If there are no applicable statutes, what is her liability for damage if her dog digs up her neighbor's prize roses? Would it make any difference if the animal that destroys her neighbor's flower garden is the wild orangutan she owns?
Social Security Tax
A tax levied on both employers and employees to fund the Social Security program, which provides benefits for retirees, disabled individuals, and survivors.
Average Tax Rate
The average tax rate is the proportion of total income paid in taxes, calculated by dividing the total tax amount by the taxpayer’s total income.
Marginal Tax Bracket
The tax rate that applies to the last dollar of the taxpayer's income, influencing incremental income earned or deductions.
Adam Smith
An 18th-century Scottish economist and philosopher, best known for his theories on free market economies and the concept of 'invisible hand' guiding supply and demand.
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