What is individual income tax?

Answer Individual income tax is one of the main taxes paid by citizens and a central source of revenue for the federal and state governments as well as many large cities.HistoryThe first income tax levied... Read More »

Top Q&A For: What is individual income tax

Does an individual have to itemize his or her income tax deductions?

On One Hand: Some Taxpayers Must Itemize DeductionsThe Internal Revenue Service (IRS) only requires persons to itemize deductions if they are married and filing separately from a spouse who is item... Read More »

Does the state of Washington have an individual income tax?

The state of Washington does not have an individual income tax, according to both The Tax Foundation and the Tax Policy Center. Washington, however, does impose a 6.5 percent sales tax.Source:The T... Read More »

What is the average tax rate of an individual with an income of $10,000?

The average tax rate of an individual with an income of $10,000 is 10.65 percent for 2008 U.S. federal income taxes. The tax rate equals taxes paid divided by taxable income.Source:2008 IRS Tax Rat... Read More »

Is interest from the IRS taxable for individual income tax in Tennessee?

Tennessee does not state if interest from the IRS is taxable for individuals. Bonds from the U.S. government and its agencies are not taxable. The Federal National Mortgage Association, Government ... Read More »