average tax rate
A taxpayer’s tax liability divided by the amount of taxable income. — Also called effective tax rate.
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tax rate schedule
tax-rate schedule. A schedule used to determine the tax on a given level of taxable income and based on a taxpayer’s status (for example, married filing a joint income-tax return). — Also termed tax table.[Cases: Internal Revenue 3545–3552; Taxation 1061–1065. C.J.S. Internal Revenue §§ 331–333, 335, 358–361, 797; Taxation § 1698.]
tax rate
tax rate. A mathematical figure for calculating a tax, usu. expressed as a percentage. [Cases: Internal Revenue 3545–3552; Taxation 1061–1065. C.J.S. Internal Revenue §§ 331–333, 335, 358–361, 797; Taxation § 1698.] average tax rate. A taxpayer’s tax liability divided by the amount of taxable income. — Also called effective tax rate. marginal tax rate. In
tax rate
A mathematical figure for calculating a tax, usu. expressed as a percentage. [Cases: Internal Revenue 3545–3552; Taxation 1061–1065. C.J.S. Internal Revenue §§ 331–333, 335, 358–361, 797; Taxation § 1698.]
marginal tax rate
In a tax scheme, the rate applicable to the last dollar of income earned by the taxpayer. • This concept is useful in calculating the tax effect of receiving additional income or claiming additional deductions. See TAX BRACKET.
unified transfer tax
The federal transfer tax imposed equally on property transferred during life or at death. • Until 1977, gift-tax rates were lower than estate taxes. — Also termed unified estate-and-gift tax.
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ratepayer
ratepayer. English law. A person who pays local taxes; a person liable to pay rates. See RATE(4).
tax bracket
tax bracket. A categorized level of income subject to a particular tax rate under federal or state law (28% tax bracket). [Cases: Internal Revenue 3545–3552; Taxation 1061–1065. C.J.S. Internal Revenue §§ 331–333, 335, 358–361, 797; Taxation § 1698.]