3/7/23 FM

Gross income minus specific deductions such as education expenses, alimony paid, etc.

• Gross Income

• Adjusted Gross Income

• Taxable Income

• Earned Income

The income you received from wages, tips, salary, and any income from self-employment.

• Gross Income

• Adjusted Gross Income

• Taxable Income

• Earned Income

A range of incomes subject to a certain income tax rate.

• A Tax Obligation

• A Progressive Tax

• A Flat Tax

• A Tax Bracket

The percentage of tax applied to the portion of your income within each tax bracket.

• Tax Obligation

• Marginal Tax Rate

• Effective Tax Rate

• Tax Bracket

The average tax rate all of your income is taxed at.

• Tax Obligation

• Marginal Tax Rate

• Effective Tax Rate

• Tax Bracket