Examlex
The two-step approach for writing checks must be used to pay which of the following?
Taxable Income
The portion of an individual's or a company's income used to determine how much tax they owe to the government in a given tax year.
Average Tax Rate
The portion of total income that is paid as tax, calculated by dividing the total amount of taxes paid by the taxpayer's total income.
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.
Proportional Income Tax
A taxation system where the tax rate remains constant regardless of the amount of income.
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