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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 Georgia, 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, tips, 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 Georgia must comply with federal tax regulations and are required to file annual tax returns with the IRS. Deductions, exemptions, and credits are available to reduce the amount of taxable income and the overall tax liability. It's important for taxpayers to understand their obligations under federal law, and they may consult with an attorney or a tax advisor for guidance specific to their situation.

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Taxes

federal income tax

Individual & Family Legal Plan

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Georgia State Code

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Taxes

federal income tax

Georgia State Code