![]() ![]() All taxpayers are subject to a 10% tax rate on their initial $10,275 of income ($20,550 for joint filers). ![]() ![]() The tax brackets for the 2022 tax year (applicable to 2023 filers) consist of seven levels, with tax rates ranging from 10% to 37%. Those entrepreneurs who opt for this type pay tax on the amount of income, that is, after deducting expenses from revenues. The tax scale, also known as progressive tax or general taxation, is the most common form of taxation chosen. What is the difference between progressive and flat tax, and when is it worth opting for one of them? Flat Tax Systems This way, we will be sure that a particular form of taxation is tailored to the nature of our business, estimated income, and several other important issues. If we are not sure which form will be more beneficial for us, it is worth using the services that an accounting office offers. Each of them has its own advantages and disadvantages, and it is worth becoming thoroughly familiar with them before making a final decision. Progressive and flat taxes are the two most common forms of taxation chosen by entrepreneurs. ![]()
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