Examlex
Explain the contingency viewpoint.Give an example.
Taxable Income
The portion of an individual's or corporation's income upon which taxes are assessed, after allowances for deductions and exemptions.
Total Tax
The combined amount of all taxes imposed by different levels of government on individuals or businesses.
Average Tax Rate
The ratio of the total amount of taxes paid to the total tax base (taxable income or spending), expressed as a percentage.
Taxable Income
The amount of an individual's or a corporation's income used to determine how much tax they owe, after exemptions and deductions are factored in.
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