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Simple English definitions for legal terms
tax table
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A quick definition of tax table:
Term: Tax Table
Definition: A tax table is a chart that helps people figure out how much they owe in taxes based on their income and filing status. It shows the tax rates for different income levels and helps people calculate their tax liability. Tax tables are used by the Internal Revenue Service (IRS) to determine how much tax people owe on their federal income tax returns.
A more thorough explanation:
A tax table is a schedule used to determine 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 table provides a quick and easy way to calculate the amount of tax owed without having to perform complex calculations.
Let's say a taxpayer is married filing jointly and has a taxable income of $75,000. They can use the tax table provided by the IRS to determine their tax liability. The table will show the tax rate for their income level and status, which they can use to calculate the amount of tax owed.
Another example would be a single taxpayer with a taxable income of $40,000. They can use the tax table to determine their tax liability based on their filing status and income level.
These examples illustrate how a tax table can be used to quickly and easily determine the amount of tax owed based on a taxpayer's income level and filing status.