Definition of "Tax rate"

Shannon Walsh real estate agent
Shannon Walsh, Real Estate Agent Keller Williams Realty Mountain Partners

Amount of tax to be paid based on taxable income. The tax rate usually changes as the unit of the tax base changes.

  1. Individual: Tax rate depends on whether the tax return is for a single filer, joint filer, or head of household. For example, the maximum tax rate for a joint filer in 1994 is 39,6% for taxable income over $250,000. The tax rate is 36% for taxable income over $140,000 but less than $250,000.
  2. Corporation: The maximum tax rate in 1994 for a corporation is 35%.
 

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