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Would you expect chinook winds to form more often on the eastern or the western slopes of a north-south oriented mountain range in the mid-latitudes?
Average Tax Rate
The percentage of total income paid in taxes, calculated by dividing the total tax paid by the taxpayer’s total income.
Tax Schedule
A chart or list that outlines the rates of taxation for different levels of income or types of taxpayers.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, demonstrating the percentage of tax applied to your income for each tax bracket in which you qualify.
Taxable Income
The income subject to taxes after deductions and exemptions.
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