Questions: 2. The total amount of taxes you pay as a percentage of your gross income is referred to as which of the following? 1 point Marginal Tax Rate Income Tax Rate Effective Tax Rate Itemized Tax Rate

2. The total amount of taxes you pay as a percentage of your gross income is referred to as which of the following? 1 point Marginal Tax Rate Income Tax Rate Effective Tax Rate Itemized Tax Rate
Transcript text: 2. The total amount of taxes you pay as a percentage of your gross income is referred to as which of the following? 1 point Marginal Tax Rate Income Tax Rate Effective Tax Rate Itemized Tax Rate
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Solution

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Answer

The answer is Effective Tax Rate.

Explanation
Option 1: Marginal Tax Rate

The marginal tax rate is the rate at which your last dollar of income is taxed. It does not represent the total amount of taxes you pay as a percentage of your gross income.

Option 2: Income Tax Rate

The term "Income Tax Rate" is too vague and does not specifically refer to the total amount of taxes paid as a percentage of gross income.

Option 3: Effective Tax Rate

The effective tax rate is the total amount of taxes you pay divided by your gross income, expressed as a percentage. This rate gives a more accurate picture of your overall tax burden.

Option 4: Itemized Tax Rate

There is no such term as "Itemized Tax Rate" in tax terminology. Itemized deductions are specific expenses that can be deducted from your gross income to reduce taxable income, but they do not represent a tax rate.

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