Identify the Following Terms

question 78

Short Answer

Identify the following terms.
-Gabriel

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Definitions:

Payroll Taxes

Payroll taxes are levied on either employers or employees, typically based on a percentage of the wages paid by employers to their workers.

Income Tax Schedule

A chart or table used by taxpayers to determine their tax rate based on income levels, as specified by tax law.

Average Tax Rate

The percentage of income that is paid to the government as tax, calculated by dividing the total tax amount by the total income.

Payroll Taxes

Taxes imposed on employers and employees, calculated as a percentage of the salaries that employers pay their staff.