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LSDefine

Simple English definitions for legal terms

tax rate

Read a random definition: oral

A quick definition of tax rate:

Tax rate: A percentage used to calculate how much money a person or business must pay in taxes. The average tax rate is the amount of tax paid divided by the amount of taxable income. The marginal tax rate is the rate applied to the last dollar earned, and the tax bracket is a level of income subject to a specific tax rate under federal or state law.

A more thorough explanation:

A tax rate is a percentage used to calculate the amount of tax that a person or business owes to the government. There are different types of tax rates:

The average tax rate is the total amount of tax paid divided by the taxable income. For example, if a person's taxable income is $50,000 and they paid $10,000 in taxes, their average tax rate would be 20%.

The marginal tax rate is the tax rate applied to the last dollar earned. For example, if a person's income is $50,000 and the marginal tax rate is 25%, then the tax owed on the last dollar earned would be 25 cents.

A tax bracket is a range of income subject to a particular tax rate. For example, if a person's income falls within the 28% tax bracket, they will pay 28% of their income in taxes.

Examples:

  • John's taxable income is $100,000 and the tax rate is 20%. He owes $20,000 in taxes.
  • Sarah's income falls within the 35% tax bracket. She will pay 35% of her income in taxes.
  • Mike's marginal tax rate is 22%. If he earns an additional $1,000, he will owe $220 in taxes on that income.

These examples illustrate how tax rates are used to calculate the amount of tax owed based on income and tax brackets.

tax-preference items | tax-rate schedule

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GnomeoAndJuliet36
15:24
yea u have u should take a pair of scissors and snip each individual ligament in ur knee
dasfi0990ut1
15:24
@U-Hawaii-Jason-Momoa-Law: What happened to my friend? Hey banned :(
therealjaysontatum
15:24
you must be the real joel embiid
GnomeoAndJuliet36
15:24
holy
GnomeoAndJuliet36
15:24
how did u know
BatmanBeyond
15:32
No MVP or Finals MVP
BatmanBeyond
15:32
At least he avoided the Duke Bust label
therealjaysontatum
15:37
got a ring tho
starfishies
15:39
i have decision rendered on bc portal ;-;
therealjaysontatum
15:39
we talking ball now
starfishies
15:39
he really got that ring though
GnomeoAndJuliet36
15:50
still doggy doo
GnomeoAndJuliet36
15:51
put him on the hornets theyre still one of the worst teams in the leagues and the celtics still making it to the finals
RoaldDahl
15:55
I have decision rendered too 0.o
therealjaysontatum
15:55
hes different this year
therealjaysontatum
15:55
im different this year*
RoaldDahl
15:56
@starfishies: when will they render these decisions
GnomeoAndJuliet36
15:59
im just playing jayson its me al horford
therealjaysontatum
16:15
goat
@dasfi0990ut1: You shouldn't be concerned about racists posting in this chat.
RoaldDahl Starfishes where do you see that? Under the status section
Mine looks the same as always
RoaldDahl
16:50
yeah on bc portal
RoaldDahl
16:51
Status:1st Time Decision Rendered
ugh mine still says complete. I applied towards the end of november did u apply before then
I applied in september and got rejected! Hope this helps
poop
RoaldDahl
16:55
early NOV
fart
starfishies
17:14
end of October
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