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Individual income tax: 1,061 936 899 Corporate income tax: 222 157 191 Social Security and other payroll tax: 940 875 865 Excise tax: 77 73 67 Estate and gift taxes: 20 17 19 Customs duties: 23 24 25 Deposits of earnings and Federal Reserve System: 22 77 76 Allowance for jobs initiatives - −12 - Other miscellaneous receipts 16 18 21 Total ...
By law, the thresholds for the marginal federal income tax brackets must change each year to keep pace with inflation. For 2010, those brackets are as follows: Individual Taxpayers 10% on taxable ...
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").
As of 2010, 68.8% of Federal individual tax receipts including payroll taxes, were paid by the top 20% of taxpayers by income group. The top 1% paid 24.2% whereas the bottom 20% paid 0.4% due to deductions and the Earned income tax credit. With 2013 tax law changes, the top 1% will pay an even larger share. [1]
Income tax increases are in the air. Unless something unforeseen surfaces on the economic or political landscape, it looks like the Obama Administration and the Democratic Party-led Congress will ...
The Swiss Federal Tax Administration website provides a broad outline of the Swiss tax system, and full details and tax tables are available in PDF documents. The complexity of the system is partly because the Confederation, the 26 Cantons that make up the federation, and about 2 900 communes [municipalities] levy their own taxes based on the ...
There's a lot you can be doing now to reduce the taxes you pay next year, based on tax changes for 2011. But did you know it's not too late to reduce the taxes you pay this year, when you file ...
An income tax is a tax imposed on individuals or entities (taxpayers) in respect of the income or profits earned by them (commonly called taxable income). Income tax generally is computed as the product of a tax rate times the taxable income. Taxation rates may vary by type or characteristics of the taxpayer and the type of income.