Refer to Table 12-3. For an individual with $200,000 in taxable income, which tax schedule has the lowest average tax rate?

A) Tax Schedule A
B) Tax Schedule B
C) Tax Schedule C
D) Tax Schedule D

Average Tax Rate

The percentage of total income that is paid in taxes, indicating the proportion of an individual's income that is allocated towards taxes.

Taxable Income

The portion of an individual's or corporation's income that is subject to taxes by the government.

Tax Schedule

A chart or formula that outlines the rate of taxation applied to various levels of income or profits.