Identify Three Ways an Agent May Agree to Become Liable

question 23

Essay

Identify three ways an agent may agree to become liable on a contract between a disclosed principal and the third party.

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Definitions:

Marginal Tax Rate

The rate at which the last dollar of income is taxed, indicating the percentage of tax applied to your income for each tax bracket in which you qualify.

Average Tax Rate

The proportion of total income paid in taxes, calculated by dividing total tax amount by total income.

Circular 230

Regulations and guidelines issued by the US Department of the Treasury for tax professionals regarding practice before the IRS.

Certified Public Accountants

Licensed accounting professionals who have passed the CPA examination and met state certification and experience requirements, skilled in areas such as audit, tax, and financial consulting.