discuss on post can i get a response to this.

Hi Class! Federal income tax may be annoying when it comes to taxes but it's quite important to our economy. It goes toward our public school system, disaster relief, national defense, veteran affairs and many more programs. Taxable income is a deductible that the government takes out of your income. Your exemptions and deductions will be subtracted from your gross income (money before taxes are taken out) which determines the amount of taxes you owe based on that new income bracket; taxable income. The same thing is applicable to corporations as well but they have more deductions to subtract from their gross income such as operating expenses, and depreciation. For both sides there are many different variables that can change the tax rate outcome. For example, for an individual we can get exemptions from dependents, buying a house, buying a car, owning a business and much more, bringing our taxable income lower and giving us a lower tax rate. The same can be said for corporations but they have different variables than we do. -Cicley Lee Blank, L. T., & Tarquin, A. J. (2018). Engineering economy 8th Edition. McGraw Hill Education. Kagan, J. (Feb 5, 2022). Federal income tax guide. Investopedia. https://www.investopedia.com/terms/f/federal_income_tax.asp