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Federal Income Tax

The tax imposed by the U.S. government on the
taxable incomes of individuals, corporations,Several specific taxes, in addition to the
trusts and estates is known as federal incomegeneral income tax, are also collected by the
tax. Personal income taxes are payable on thefederal government. For example, the social
total income of the individual (after somesupport programs such as social security and
permissible deductions). Corporate incomeMedicare are funded by taxes on personal
taxes are payable on the gross profit, theearned income. Estate taxes are also levied
difference between the total receipts andon  inheritances.
total  direct  and  indirect  expenses.
It is income tax that forms the bulk of the
Federal income tax was imposed for the firsttaxes collected by the U.S. government.
time by the U.S. government in 1861 toPersonal income tax rates range from 0 to 35
finance the Civil War. A tax of 3 percent waspercent, depending upon the individual's
levied on incomes above $600, which rose to 5total  income.
percent for incomes above $10,000. These
rates were raised in 1864. A new income taxIncome tax is called a progressive tax
act was enacted in the late 1800s. After thebecause its levy is based on the total income
Civil  War, income tax was rescinded in 1872.of individuals: the higher the income, the
more the tax. Corporate tax rates also range
In the present scenario, the revenues of thefrom 0 to 35%. A corporation pays taxes on
federal government mainly accrue fromits profits and may choose to distribute its
personal and corporate income taxes. Earlier,profits after tax as dividend to its
tariffs on imported goods constituted a largeshareholders. Despite the fact that the money
chunk of the government?s revenues, but, atpaid as dividend has been taxed at the
present tariffs represent only a minorcorporate level, it is taxed again in the
portion of federal revenues. Other non-taxhands of the shareholder at the personal
fees are also levied, which recompenselevel. This is known as double taxation. The
agencies for services or fill specific trusttax paid on the dividends by an individual is
funds.called dividend tax.



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