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LSDefine

Simple English definitions for legal terms

bracket system

Read a random definition: gentes

A quick definition of bracket system:

A bracket system is a way of collecting sales tax based on the price of an item. It helps to avoid collecting a tax less than one cent and allows the seller to easily determine the amount of tax to be collected. This system can be set up by law or regulation.

A more thorough explanation:

A bracket system is a method used in tax law to collect sales tax based on a graduated payment system. This means that the amount of tax collected depends on the purchase price of the item being sold. The purpose of this system is to:

  1. Avoid collecting a tax less than one cent
  2. Avoid the state having to calculate the exact amount of tax on each sale
  3. Allow the seller to easily determine the amount of tax to be collected
  4. Ensure that the state collects the appropriate amount of tax

For example, let's say a state has a sales tax rate of 6%. Under a bracket system, if someone purchases an item for $10, they may only have to pay 60 cents in sales tax. However, if someone purchases an item for $100, they may have to pay $6 in sales tax.

The bracket system is often used to simplify the tax collection process and ensure that the appropriate amount of tax is collected without burdening the seller or the state with excessive calculations.

bracket creep | Bracton

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does anyone ever think about how we have no idea who everyone else here is? like you guys dont know me at all thats so crazy cause i talked to you more than ppl irl today
i'm a hallucination
the hat man
HopefullyInLawSchool
16:03
isnt r&r a t50?
keep popping benadryls and ill stay online
law school chat roulette
[] baddestbunny
16:04
living out the plot of the movie unfriended in the yale invite-only webinar
You were only invited to round out the numbers anyway lol
Dkk
16:05
I'm too old to r&r, just gunna kms rn.
Dkk
16:05
Gotta get this show on the road.
Dkk
16:05
Lmfao
JumpySubsequentDolphin
16:05
washu stop emailing me while I’m waiting for a decision challenge
[] baddestbunny
16:05
I'm not in their webinar I just thought it would be a funny thing to have happen
[] baddestbunny
16:05
bc I have a sense of whimsy and imagination
Ah, youre a worm gorl'
shaquilleoatmeal
16:07
battle of the bunnies
How bout dat ASU wave
letsseehowitgoesnow
16:08
bunny hows it looking out there?
[] baddestbunny
16:08
I just think it's weird when a make a joke about everyone in the yale webinar being tortured by a malevolent spirit and someone says you only got invited to round out the numbers
why
go off queen
[] baddestbunny
16:09
which number am I rounding out? 5'4 women who deserve to be tortured?
someone invited to the yale webinar would get it
[] baddestbunny
16:10
if you don't get invited to the yale webinar canada sends you an email letting u know you qualify for MAID
what's that
Send MA ID
BulbasaurNoLikeCardio
16:16
LawHub blocking me from status checker, guess I ain't going to law school now
"Go touch grass" - Lawhub
BulbasaurNoLikeCardio
16:17
Pretty much lol
BulbasaurNoLikeCardio
16:18
Even though its only second check of the day
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