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When there is a cost-push inflation
Federal Personal Income Tax
A tax levied by the federal government on the annual income of individuals, households, and other legal entities.
Tax Bracket
A tax bracket is a range of incomes taxed at a particular rate within a tax system, influencing how much individuals or entities owe to the government.
Marginal Tax Rate
The rate of additional federal income tax to be paid on an extra dollar of income.
Average Tax Rate
The proportion of total income that is paid as taxes, calculated by dividing the total taxes paid by the total taxable income.
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