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1 year ago

If you are in the 15% tax bracket, your whole income is taxed at that rate. True False

1 answer:

6 0

If an individual's income falls at the 15% tax bracket then his/her income is taxed at first 10% and then the excess 5% should be levied in the next bracket.

<h3>What is a tax bracket?</h3>

A tax bracket is the income range made by the tax authorities relating to income earned by taxpayers with different rates of taxes.

According to the US taxation rules, the tax levied on the income of the taxpayer should be in the progressive system, which means, that the income should be charged with the different tax rates and not the one single tax rate. As the tax rates are started from 10%, so at the rate of 15%, it should not be the same rate rather the excess 5% would be levied.

Therefore, the provided statement relating to the imposition of tax is false.

Learn more about the taxes in the related link:

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3 years ago

During the current year, Morgan, Inc., had net income of $657,000. Morgan also recorded $203,000 in deprecation expense and had

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1 year ago

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Answer:

a) legal promise to repay a debt.

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