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Business and Finance > Taxes

Federal Individual Income Tax

Tax Brackets—2007 Taxable Income

Who Must File a Return

Adjusted Gross Income

Itemized Deductions

Personal Exemptions

Credits

Federal Income Tax Comparisons

The federal individual income tax is levied on the worldwide income of U.S. citizens and resident aliens and on certain types of U.S. source income of nonresidents. For a nonitemizer, “tax table income” is adjusted gross income less $3,000 for each personal exemption and the standard deduction. If a taxpayer itemizes, tax table income is adjusted gross income minus total itemized deductions and personal exemptions. In addition, individuals may also be subject to the alternative minimum tax.

Internal Revenue Service

Taxes

Percent Income Earned and Federal Taxes Paid

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West federal taxation; individual income taxes, 2006 ed. (professional version; no software included).(LAW)(Brief Article)(Book Review) (Reference & Research Book News)

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