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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 Vermont, as in all states across the United States, the federal income tax is imposed by the Internal Revenue Service (IRS), which is a bureau of the Department of the Treasury. The federal income tax applies to the annual earnings of individuals, corporations, trusts, limited liability companies (LLCs), and other legal entities. This tax encompasses various forms of income, such as wages, salaries, bonuses, and income from investments like capital gains, which are the profits realized from the sale of assets that have increased in value. The amount of federal income tax an individual or entity owes varies based on their income level, filing status, and the tax laws and rates that are in effect for the given tax year. It's important to note that while the federal income tax system is uniform across the United States, each state, including Vermont, may have its own set of rules and taxes that apply to income as well.

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Taxes

federal income tax

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Vermont State Code

Vermont State Code

Taxes

federal income tax

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