Select your state

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 Minnesota, as in all states across the United States, federal income tax is levied by the Internal Revenue Service (IRS), which is a federal agency. This tax applies to the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. The federal income tax encompasses various types of income, including but not limited to wages, salaries, tips, and capital gains, which are the profits from the sale of assets such as stocks or real estate. Tax rates vary based on income levels and filing statuses, and taxpayers must report their income annually by filing a tax return with the IRS. The federal tax system is progressive, meaning that higher income levels are typically taxed at higher rates. It's important to note that federal tax laws are uniform across the United States, and while state tax laws can vary significantly, they do not affect the federal income tax imposed by the IRS.

Legal Articles

State Statutes

As a LegalFix Member You Will Be an Important Client of Local Law Firms

For about 82¢ a day you can have a LegalFix Legal Plan that includes initial consultations with an attorney at no additional charge—and additional legal services at reduced rates—all from top law firms in your state. Don't wait—be prepared for life's inevitable legal challenges, starting today.

And ask your employer, credit union, or membership group to offer LegalFix for even better pricing.

Taxes

federal income tax

As a LegalFix Member You Will Be an Important Client of Local Law Firms

Articles

Minnesota State Code

Taxes

federal income tax

Minnesota State Code

Articles