Answer:
How much you pay in taxes depends on the amount of your taxable income
Explanation:
The total amount expected to be payed as taxes is a factor of the amount of taxable income earned within the given tax period.
The taxable income is found by subtracting the amount of deductions and exemption allowed in the tax year from the gross income. It is also specified as the adjusted gross income
The set marginal tax rate indicates the percentage of the taxable income that is to be paid as taxes, such that there are three different ranges or tax brackets and taxes are paid according to the bracket to which a taxable income belongs.
