What is the definition of federal income tax?

Answer Paying taxes is an important part of being a U.S. citizen. Historically, the federal government had a tough time collecting enough money to run the country until the implementation of the federal i... Read More »

Top Q&A For: What is the definition of federal income tax

Definition of a Federal Income Tax Dependent?

When it's time to file taxes, the deductions given for dependents and their expenses can greatly reduce your tax bill. However, not every person in your household can be considered a dependent. The... Read More »

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 »

Is Inheritance money to be reported on federal income tax as income?

It is possible to have some taxable income from an inheritance the source and the type of income that is inherited is what will determine this. Inherited pension or IRA. If you inherited a pension... Read More »

What is the minimum amount of income needed to pay federal income tax?

The minimum amount of money needed to pay income taxes depends on filing status. As of 2009, those who are single need to make more than $9,350 in order to pay. If filing as a head of household, th... Read More »