Rate schedule (federal income tax) than a dollar in taxable income, thus making the marginal tax rate greater than what is suggested by the table. These schedules apply only to regular US income tax, whereas there is a second income tax, the Alternative Minimum Tax, that uses a different schedule. A taxpayer's tax obligation is the higher of those two income taxes, which makes drawing conclusions from the table even more difficult. All rate schedules have an identical format, containing four columns and seven rows (called "brackets"). The first two columns indicate the range of taxable income that a taxpayer must have to qualify for
Income tax in Australia on annual turnover. Generally, capital gains are only subject to tax at the time the gain is realised and are reduced by 50% if the capital asset sold was held for more than 1 year. In Australia the financial year runs from 1 July to 30 June of the following year. The first income tax in Australia was imposed in 1902 by Queensland. Federal income tax was first introduced in 1915, as a wartime measure to help fund Australia’s war effort in the First World War. Between 1915 and 1942, income taxes were levied by both State governments and the