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Tax rate

Tax rate is the percentage used to calculate tax due on a taxable entity.

Expanded Definition

The tax rates of interest to individuals include--

  • Sales tax: percentage of sales dollars.
  • Property tax: dollars per $100 or $1000 of assessed value.
  • Federal Income tax:
    • AGI income--the percentage from Table X,Y, Z in the Instructions for Form 1040 or Your Income Tax
    • Qualified dividends/Capital gains--the percentage determined in the worksheet on page 35 of the Instructions for Form 1040.
  • State and local income tax: varies.
  • Estate tax varies. It is levied on the death of individuals with large estates.
  • Gift tax applies to large transfers of wealth between people.

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