Total Income

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Definitions
Average Tax Rate
Average Tax Rate Taxes Total Income Tax Burden
The average tax rate is calculated by dividing total taxes paid by total income. It indicates the amount of tax paid per dollar earned, serving as a key measure in understanding overall tax burden.
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Definitions
Taxable Income
Taxable Income Tax Deductible Expenses Total Income Income Tax Allowances Non-Taxable Income Income Tax
A detailed explanation of taxable income, along with examples, related terms, frequently asked questions, online resources, and further reading materials.
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Definitions
Total Income
Total Income Income Tax Fiscal Year Statutory Total Income Income Sources Accounting Period Basis of Assessment
Total income refers to the income of a taxpayer from all sources before any income-tax allowances are applied. This is often referred to as statutory total income and includes income calculated on various bases depending on the source of income. This concept is pivotal for calculating a person's income tax for a given year.
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