Examlex
The best interpretation of Kagan's data is that
Wage Income
Earnings received by an employee as a result of their employment, typically in the form of a salary or wages.
Marginal Tax Rate
The rate at which the last dollar of income is taxed, representing the rate that applies to each additional dollar of income, important for financial planning and decision-making.
Tax Liability
The total amount of tax owed to the government based on income, asset sales, and other taxable events within a given fiscal period.
Taxable Income
The portion of an individual's or entity's income that is subject to taxation after allowances, exemptions, and deductions.
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