DefinitionTax brackets are the divisions at which tax rates change in a progressive tax system. Essentially, they are the cutoff values for taxable income...
DefinitionA company's tax expense, or tax charge, is the income before tax multiplied by the appropriate tax rate. Generally, companies report income before tax...
DefinitionTax law is an area of legal study dealing with the constitutional, common-law, statutory, tax treaty, and regulatory rules that constitute the law applicable...