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Taxes

federal income tax

The federal income tax is a tax levied or charged by the Internal Revenue Service (IRS)—the revenue service of the United States (federal) government. The federal income tax is a tax on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities.

Federal income taxes are levied on all types of earnings that make up a taxpayer’s taxable income—including earnings from employment and from capital gains (income earned on the sale of assets).

In Alaska (AK), as in all states across the United States, the federal income tax is imposed by the Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. This tax applies to all forms of income that contribute to a taxpayer's taxable income, which includes but is not limited to wages, salaries, tips, and capital gains, which are the profits from the sale of assets. It's important to note that while Alaska does not have a state income tax, residents and entities in Alaska are still subject to federal income tax requirements. Taxpayers must file annual tax returns with the IRS to report their income and to calculate their tax liability. The federal tax system is progressive, meaning that the rate of taxation increases as income rises. Deductions, credits, and other tax benefits can reduce the overall tax liability for eligible taxpayers.

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Taxes

federal income tax

Individual & Family Legal Plan

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Alaska State Code

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Taxes

federal income tax

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