federal income tax
April filing obligation
Federal income tax is the annual tax levied by the U.S. government on individual and corporate income.
It funds most federal operations and is collected by the IRS.
The tax is progressive—higher earners pay higher rates on income above certain thresholds.
Federal income tax is withheld from each paycheck.
State income taxes, where they exist, are separate.
- tax returnIncome declaration to government
- tax codeLaws governing taxation
- progressive taxationRates increase with income
- tax bracketsIncome-based percentage groupings
- 1099 formMiscellaneous income statement
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