Tax Rate (Noun)
Meaning
Rate used to calculate tax liability.
Classification
Nouns denoting possession and transfer of possession.
Examples
- The accountant carefully applied the tax rate to determine the client's total tax liability for the year.
- Understanding the tax rate is essential for individuals to accurately plan their annual financial expenses.
- A higher tax rate results in more significant deductions from an individual's income.
- Corporations are often taxed at a different tax rate than individuals, which can affect their bottom line.
- Changes to the tax rate can impact the economy, as consumers may adjust their spending habits accordingly.