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Simple English definitions for legal terms

tax-rate schedule

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A quick definition of tax-rate schedule:

A tax-rate schedule is a chart that helps determine how much tax someone owes based on how much money they make and their filing status (like if they're married and filing taxes together). It's like a map that shows you the different tax rates for different income levels. Some people call it a tax table.

A more thorough explanation:

A tax-rate schedule is a chart or table used to calculate the amount of tax owed on a specific level of taxable income. It is based on the taxpayer's status, such as married filing jointly or single. The tax-rate schedule shows the tax rate that applies to each level of income, and the taxpayer uses this information to calculate their tax liability.

Let's say you are a single taxpayer with a taxable income of $50,000. You would use the tax-rate schedule to determine your tax liability. The schedule might look something like this:

Taxable IncomeTax Rate
$0 - $9,87510%
$9,876 - $40,12512%
$40,126 - $85,52522%
$85,526 - $163,30024%
$163,301 - $207,35032%
$207,351 - $518,40035%
Over $518,40037%

Based on this tax-rate schedule, a single taxpayer with a taxable income of $50,000 would fall into the second tax bracket and owe 12% of their income in taxes, or $6,000.

Another example would be a married couple filing jointly with a taxable income of $100,000. They would use the same tax-rate schedule, but with different income thresholds for each tax bracket. Based on the schedule, they would fall into the fourth tax bracket and owe 24% of their income in taxes, or $24,000.

These examples illustrate how a tax-rate schedule is used to determine the amount of tax owed based on a taxpayer's income and filing status.

tax rate | tax rebate

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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 :)
power score bible for logic games
@Coolperson49494: yeah but i physically cant get 10k in less than a month :(
it would take me like 6 months to get 10k
i agree that gulc is worth it for me, but i just do not have the means of upending all my plans and moving to dc
@MightyUnableSphinx: i cant pay back 10k with no job, and i'm already 5k in debt. i just do not have the means to attend gulc 😭😭
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