What is the purpose of federal income tax?

Answer The chief purpose of the federal income tax is to provide operating revenue for the federal government. Federal income tax receipts fund most federal programs.Share of RevenueFor the 2008 fiscal ye... Read More »

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

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 »

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 »

Do senators pay income tax on their federal income?

yes they do == ans ==So does the President, and the VP and in fact, by just reading the news you can see that most any public figure of this type both has to divulge lots of financial info, and has... Read More »