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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 South Dakota, as in all states across the United States, the federal income tax is imposed 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 income tax system is progressive, meaning that the rate of taxation increases as the taxpayer's income increases. It's important for residents and entities in South Dakota to comply with federal tax laws, which involve filing annual tax returns and, if necessary, paying any taxes due. South Dakota does not have a state income tax, so residents are only subject to federal income taxes on their earnings.

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Taxes

federal income tax

Individual & Family Legal Plan

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South-Dakota State Code

South-Dakota State Code

Taxes

federal income tax

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