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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 Wisconsin, 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 (LLCs), and other legal entities. The federal income tax encompasses various forms of income, including wages, salaries, and capital gains, which are the profits realized 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 subject to higher tax rates. It's important to note that this is separate from the state income tax that Wisconsin imposes on its residents, which operates under its own set of rules and rates.

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Taxes

federal income tax

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Taxes

federal income tax

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