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income tax

(Encyclopedia) income tax, assessment levied upon individual or corporate incomes. Although personal incomes were occasionally taxed in medieval Italian cities, the income tax is essentially a modern form of ...

Federal Income Tax Comparisons

Taxes at Selected Rate Brackets After Standard Deductions and Personal Exemptions1 Adjustedgrossincome Single return listing n…

The Federal Income Tax

The Question: When did the people start paying federal income tax? The Answer: According to the History of the Income Tax in our…

Income Tax by Country, 2004

Country Single person without children One-earner family with two children Australia 24.3% 24.3% Austria 10.8 8.1 Belgium 26.6 15.2 Canada…

Who Must File a Return

The following table shows the IRS requirements for filing tax returns in 2014, according to age, marital status, and gross income. If your filing status is: Ag…

Tax Brackets—2006 Taxable Income

Joint return Single taxpayer Rate$0–$15,100$0–$7,50010.0%15,100–61,3007,500–30,650 15.061,300–123,700 30,650 –74,20025.0123,700 –188,450 74,200–154,80028.0188,450–336,550154,800–336,5…

Credits

Taxpayers can reduce their income tax liability by claiming the benefit of certain tax credits. Each dollar of tax credit offsets a dollar of tax …

Adjusted Gross Income

Gross income consists of wages and salaries, unemployment compensation, tips and gratuities, interest, dividends, annuities, rents and royalties, up to 85% of Social Security …