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Simple English definitions for legal terms

average tax rate

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A quick definition of average tax rate:

Average Tax Rate: The average amount of tax a person pays based on their taxable income. It is calculated by dividing the total tax paid by the taxable income. Another term for this is effective tax rate. Marginal tax rate is the rate applied to the last dollar earned and is used to calculate the tax effect of additional income or deductions. Tax rate is a mathematical figure expressed as a percentage used to calculate taxes.

A more thorough explanation:

Definition: Average tax rate is a mathematical figure expressed as a percentage that is used to calculate a tax. It is the taxpayer's tax liability divided by the amount of taxable income. It is also known as effective tax rate.

Examples:

  • If a taxpayer has a tax liability of $10,000 and a taxable income of $100,000, the average tax rate would be 10% ($10,000 ÷ $100,000).
  • Another example would be if a taxpayer has a tax liability of $5,000 and a taxable income of $50,000, the average tax rate would be 10% ($5,000 ÷ $50,000).

These examples illustrate how the average tax rate is calculated by dividing the tax liability by the taxable income. It is important to note that the average tax rate may vary depending on the taxpayer's income and tax bracket.

average gross sales | average variable cost

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17:28
if they told me this like 2 weeks ago, i would have not gotten an apt in la yet
17:30
i ideally want a fed govt position in dc, but i dont think i can physcially afford to cancel all my plans to attend :(
that really sucks
Coolperson49494
18:08
10k for the life you want vs a school that prob wont get you there is prob worth
Coolperson49494
18:08
id do it although LA biglaw seems more appealing overall tbh
OvertReconditeSpider
18:20
If that person doesnt have 10k however, could be outta luck
yeah i think it comes down to literally not having 10k to blow
OvertReconditeSpider
18:20
Oof
OvertReconditeSpider
18:20
Skill issue
OvertReconditeSpider
18:21
Jk even if i had it. I wouldnt spend 10k just to get out of a lease to switch schools
MightyUnableSphinx
18:29
@menherachan: You should say that to GULC
MightyUnableSphinx
18:30
I mean fuck it right. Like, maybe they can help somehow. Probably they can't but if the alternative is "i dont go to gulc" who cares
MightyUnableSphinx
18:30
Idk I doubt they can give you 10k cash, lmao, but who knows!
Others will disagree, but max out a credit card if you have to do so.
It's 10K. Not 100K.
OvertReconditeSpider
19:29
10K at 21.51% interest. Lol
19:47
Yeah I would definitely disagree. Without family help when could they realistically pay that off?
20:18
If someone can live below the student budget at GULC loans could cover an extra $10K, but Grad PLUS loans still amount to $2 in repayment for every $1 borrowed on a 10-year plan at current interest rates. Not a choice to make lightly.
OvertReconditeSpider
20:19
^
OvertReconditeSpider
20:19
The rates on the stafford loans are garbage too
manifestmoreadmissions
21:59
yeah its not the worst decision and im sure you could find solutions to any problems it might create but idk if it's like a no-brainer
MightyUnableSphinx
0:11
Apply for new credit card w/ 12 month 0% APR intro offer -> Max out card to 10k to get out of lease -> Go to GULC
MightyUnableSphinx
0:11
You now have 12mths to pay back 10k with no interest
MightyUnableSphinx
0:14
If you have decent credit history/credit score i bet the starting balance will be like 15-25k
MightyUnableSphinx
0:14
im actually cooking right now wtf this advice is so good. do not blow up your plan in life because of a fkn lease agreement
1:39
Excuse me everyone. Sorry. I'm planning to take lsat but I see so many different types of textbooks and categories on the market, which books should I start with for a rookie like me? Thanks a lot!
loophole
for LR
1:42
Sincere thanks, with my respect :)
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