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The way through which tax brackets work in the U.S. tax system
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Explanation of Solution
According to the tax brackets in the U.S. tax system, for each portion of the income, tax brackets would provide the tax rate that a person is liable to pay.
It works in the U.S. system according to different chunks of the income such as for the first chunk of income, a person pays different tax and for the next portion, a person pays different amount of tax.
For example, in the current year, if a person is single, then he/she would pay lowest tax rate which is 10% is for the first portion of $10,275 of income and the next chunk of that person’s income would be taxed at 12%, and so on, according to the taxable income of the person
Introduction: A tax bracket refers to marginal tax rates that provide the range of taxable income and this income is liable to tax under a particular tax rate.
Chapter P3 Solutions
Krugman's Economics For The Ap® Course
- Principles of Economics (12th Edition)EconomicsISBN:9780134078779Author:Karl E. Case, Ray C. Fair, Sharon E. OsterPublisher:PEARSONEngineering Economy (17th Edition)EconomicsISBN:9780134870069Author:William G. Sullivan, Elin M. Wicks, C. Patrick KoellingPublisher:PEARSON
- Principles of Economics (MindTap Course List)EconomicsISBN:9781305585126Author:N. Gregory MankiwPublisher:Cengage LearningManagerial Economics: A Problem Solving ApproachEconomicsISBN:9781337106665Author:Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike ShorPublisher:Cengage LearningManagerial Economics & Business Strategy (Mcgraw-...EconomicsISBN:9781259290619Author:Michael Baye, Jeff PrincePublisher:McGraw-Hill Education
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