Income Tax Bracket (Noun)
Meaning
A category of taxpayers based on the amount of their income.
Classification
Nouns denoting groupings of people or objects.
Examples
- The new tax law changed the income tax bracket for high-income earners, increasing their tax rate by 2%.
- Her income tax bracket was lower than her husband's, so they decided to file their taxes separately.
- The government adjusted the income tax bracket thresholds to account for inflation and cost of living increases.
- As his income rose, he found himself in a higher income tax bracket and owing more taxes each year.
- The tax consultant helped her client navigate the complexities of the income tax bracket system to minimize her tax liability.