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Social Security Pensions
Government-provided benefits paid to eligible retirees or disabled individuals as part of a national social insurance program.
Average Tax Rate
The percentage of total income that is paid in taxes, calculated by dividing the total tax paid by the taxpayer's total income.
Marginal Tax Rate
The percentage of tax applied to your income for each tax bracket in which you qualify.
Progressive Tax
A taxation system where the tax rate increases as the taxable amount rises, thereby imposing a higher percentage rate on those with higher incomes.
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