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Explain Purchasing Power Parity.
Taxable Income
The amount of income used to determine how much tax an individual or a company owes to the government.
Taxable Income
The portion of an individual's or corporation's income that is subject to taxes according to federal, state, or local laws.
Tax Liability
The total amount of tax that an individual or business owes to the government.
Average Tax Rate
The proportion of total income that is paid as taxes, calculated by dividing the total amount of taxes paid by the total income.
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