Examlex
What are the two largest sources of tax revenues for the U.S.federal government?
Average Rates
The mean amount of a rate, such as interest or tax rate, calculated by totaling several rates and dividing by the number of rates.
Taxable Income
The portion of income that is subject to tax after all deductions and exemptions have been applied according to tax law.
Tax Liability
The total amount of tax that an individual or entity is legally obligated to pay to tax authorities.
Average Tax Rate
The portion of total taxable income that is paid in taxes, calculated by dividing the total tax amount by the total income.
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