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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 Hawaii, as in all states across the United States, the federal income tax applies to the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. This tax is administered by the Internal Revenue Service (IRS), which is the federal government's revenue service. Taxable income includes all types of earnings such as wages, salaries, bonuses, and income from capital gains, which is the profit realized on the sale of assets that have increased in value. The amount of federal income tax that an entity or individual owes varies based on their income level, filing status, and available deductions and credits. It's important for residents and entities in Hawaii to comply with federal tax laws, which are uniform across the United States, and to file annual tax returns with the IRS by the prescribed deadline, typically April 15th of each year.

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Taxes

federal income tax

Individual & Family Legal Plan

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Hawaii State Code

Taxes

federal income tax

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