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Federal Personal Income Tax
A tax levied by the federal government on the annual income of individuals, with the tax rates varying based on income levels.
Taxable Corporate Income
The portion of a corporation's income that is subject to taxation according to federal and state laws.
Basic Tax Rate
The standard rate at which an individual or corporation is taxed, before any adjustments, deductions, or exemptions are applied.
Progressive Tax
A taxation system where the tax rate increases as the taxable amount increases, typically structured to impose a heavier tax burden on higher-income earners.
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