Answer:
False.
Explanation:
A tax bracket is the tax rate applied to specific ranges of income.
For example, a 20% tax rate is applied to income between $500,000 - $700,000.
A tax rate of 23% is applied to income between $800,000 - $1,000,000.
I hope my answer helps you.
Answer:
False.
Explanation:
Although people normally refers to tax bracket and the average tax as the same thing, it is wrong.
A tax rate is the percentage at which the government tax an individual or a cooperation. And the greater the income, the more the government increases the tax rate.
Tax bracket is a way the government categorize income tax rates and each tax bracket has different tax rate.
For instance, between $0 - $10 000 tax bracket can have 10% tax rate and $10 001 - & $20 000 tax bracket can have 12% tax rate, and so on. Then you can now multiply your income with your tax rate to the tax owed.
