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 Income tax in Australia Income tax in Australia is imposed by the federal government on the taxable income of individuals and corporations. State governments have not imposed income taxes since World War II. On individuals, income tax is levied at progressive rates, and at one of two rates for corporations. The income of partnerships and trusts is not taxed directly, but is taxed on its distribution to the parners or beneficiaries. Income tax is the most important source of revenue for government within the Australian taxation system. Income tax is collected on behalf of the federal government by the Australian