What do income taxes provide?

Answer Income taxes provide funding for services that most individuals could not provide on their own. Since 1950, income tax on individuals has been the government's single largest source of funding.Nati... Read More »

Top Q&A For: What do income taxes provide

What income bracket pays federal income taxes?

All income brackets have people who have federal tax obligations, however, the amount of people who owe any taxes drops precipitously as income levels falls. According to the Tax Policy Center, onl... Read More »

What is the difference between payroll taxes&income taxes?

Payroll taxes and income taxes are two sources of revenue for the government. Payroll taxes are also known as FICA taxes.FunctionPayroll taxes only apply to earned income such as wages, salaries an... Read More »

What is the income required to file income taxes?

The income level required to file taxes depends on filing status and age. For 2009, single taxpayers younger than 65 were required to file taxes if they had a gross income of $9,350 or more. Single... Read More »

Is retirement income exempt from state income taxes?

Every state handles taxation of retirement income differently. Seven states do not tax personal income at all, two only tax income from interest and dividends, and 36 states offer some type of excl... Read More »