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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 Connecticut, as in all states across the United States, federal income tax is levied 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, bonuses, and capital gains from the sale of assets. The federal tax system is progressive, meaning that the rate of taxation increases as income rises. Taxpayers in Connecticut must comply with federal tax regulations and are required to file annual tax returns with the IRS. The specific tax rates and the amount of tax owed will depend on various factors, including the taxpayer's income level, filing status, and allowable deductions and credits.

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Taxes

federal income tax

Individual & Family Legal Plan

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Connecticut State Code

Connecticut State Code

Taxes

federal income tax

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