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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 Tennessee, as in all states across the United States, federal income tax is levied by the Internal Revenue Service (IRS), which is the federal government's revenue service. This tax applies to the annual earnings of individuals, corporations, trusts, limited liability companies, and other legal entities. The federal income tax encompasses various forms of income, including wages, salaries, and capital gains, which are the profits from the sale of assets. It's important to note that while Tennessee does not impose a state income tax on wages, taxpayers are still subject to federal income tax obligations. The amount of federal income tax an individual or entity owes each year is determined by their income level, filing status, and the tax laws and regulations that are in effect for that tax year. Taxpayers in Tennessee must comply with federal tax filing requirements, which typically involve submitting an annual tax return to the IRS by a specified deadline.

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Taxes

federal income tax

Individual & Family Legal Plan

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Tennessee State Code

Taxes

federal income tax

Tennessee State Code

Articles