Examlex
What does the following statement do?
Marginal Tax Rate
The rate at which the last dollar of taxpayers' income is taxed, indicating how much tax will be paid on an additional dollar of income.
Tax Liability
The total amount of tax owed to the government by an individual, corporation, or other entity for a given period.
Taxable Income
Taxable income is the amount of income subject to tax, after all deductions and exemptions have been accounted for.
Average Tax Rate
the proportion of total income that is paid in taxes, calculated by dividing the total amount of taxes paid by the total income.
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