Answered

Welcome to Westonci.ca, where finding answers to your questions is made simple by our community of experts. Discover a wealth of knowledge from professionals across various disciplines on our user-friendly Q&A platform. Join our Q&A platform to connect with experts dedicated to providing accurate answers to your questions in various fields.

Explain the difference between the common misconception people have about tax brackets and how they actually work

Sagot :

Answer:

Tax brackets misconception is that it defines how much tax will be paid by an individual but this is not true. It only determines the rate of tax which will be applied to the individual for his income.

Explanation:

The tax bracket is determined for an individual based on his salary. After the computation of taxable income tax brackets are selected and rate is applied which ever tax bracket falls correctly. The tax rate applied to the taxable incomes gives the tax amount which is to be paid by an individual.

We hope our answers were helpful. Return anytime for more information and answers to any other questions you may have. Thanks for stopping by. We strive to provide the best answers for all your questions. See you again soon. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.