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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 Rhode Island, as in all states across the United States, residents and entities are subject to federal income tax, which is imposed by the Internal Revenue Service (IRS). This tax applies to the annual earnings of individuals, corporations, trusts, limited liability companies (LLCs), and other legal entities. Taxable income for federal income tax purposes includes all forms of earnings, such as wages, salaries, bonuses, and capital gains, which are the profits realized from the sale of assets like stocks or real estate. The federal tax system is progressive, meaning that the rate of taxation increases as income rises. Taxpayers in Rhode Island must comply with federal tax regulations and file annual tax returns with the IRS by the prescribed deadline, typically April 15th of each year, unless an extension is granted.

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Taxes

federal income tax

Individual & Family Legal Plan

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Taxes

federal income tax

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