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 wealthy businessman found himself in a higher tax bracket after selling his company for a substantial profit.
- Moving to a state with a lower tax rate didn't change her tax bracket, but it still reduced her overall tax liability.
- Married couples filing jointly are eligible for a lower tax bracket than single filers with the same income level.
- His tax advisor helped him navigate the complexities of the tax code to minimize the impact of being in a higher tax bracket.
- As her income increased, she moved up the tax ladder and found herself in a higher tax bracket, resulting in a larger tax bill.