Consumer Reports, she is an expert in crmodify and also debt, retirement planning, house ownership, employment concerns, and insurance. She is a graduate of Bryn Mawr College (A.B., history) and also has actually an MFA in creative nonfiction from Bennington College." data-inline-tooltip="true">Julia Kagan
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Julia Kagan has created about individual finance for even more than 25 years and for soimg.org considering that 2014. The previous editor of Consumer Reports, she is an experienced in credit and also debt, retirement planning, residence ownership, employment concerns, and also insurance. She is a graduate of Bryn Mawr College (A.B., history) and also has actually an MFA in artistic nonfiction from Bennington College.

You are watching: The federal income tax is a _____.


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Janet Berry-Johnboy is a CPA with 10 years of experience in public bookkeeping and also writes around earnings taxes and also small business bookkeeping.

What Is Income Tax?

The term income taxation describes a type of tax that governments impose on income generated by businesses and also individuals within their jurisdiction. By legislation, taxpayers should file an earnings taxes return every year to recognize their taxation duties.


Income taxes are a resource of revenue for federal governments. They are offered to money public services, pay federal government duties, and also carry out items for citizens.

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Income tax is a type of taxation that federal governments impose on income created by businesses and also individuals within their jurisdiction.Income taxation is used to fund public solutions, pay federal government duties, and provide goods for citizens.Personal income tax is a type of revenue taxation that is levied on an individual"s weras, salaries, and other forms of earnings.Business income taxes apply to corporations, partnerships, small businesses, and also human being who are self-employed.