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What Is Federal Income Tax? The United States federal income tax is levied by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, and other legal...
OVERVIEW. The U.S. Constitution authorizes the federal government to collect various types of taxes from you. TABLE OF CONTENTS. In the U.S. Constitution. Income tax. Gift tax. Click to expand. Key Takeaways. The most common form of federal taxation is the income tax.
Most income is taxable unless it’s specifically exempted by law. Income can be money, property, goods or services. Even if you don’t receive a form reporting income, you should report it on your tax return. Income is taxable when you receive it, even if you don’t cash it or use it right away.
See current federal tax brackets and rates based on your income and filing status. You pay tax as a percentage of your income in layers called tax brackets. As your income goes up, the tax rate on the next layer of income is higher.
Refunds. Payment Options. Get Help With the IRS. Your Tax Information. Answers to Your Tax Questions. Interpretation Services. Your rights as a taxpayer. Every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS.
Income Tax Term Guide. What Is Taxable Income? Taxable income is the portion of your gross income used to calculate how much tax you owe in a given tax year. It can be described broadly as...
Definition, How Long to Keep. Taxes may be fact of life, but have you ever been up close and personal with a Form 1040? Here's a beginner's guide to understanding how federal income tax...