What year did income taxes start?

Answer Income taxes were supposed to be collected with the passing of the Revenue Act of 1861, which imposed a 3 percent tax on incomes greater than $800 per year. However, problems with the tax postponed... Read More »

Top Q&A For: What year did income taxes start

When can we start filing income taxes?

Technically, you can file your taxes after January 1 of the new tax year. However, you must wait until you receive all of your documents, such as W-2 and 1099 forms, before you can complete your ta... Read More »

When did congress start income taxes?

According to the Department of the Treasury, Congress passed the Revenue Act of 1861 to finance Civil War expenses. This act imposed an income tax of 3 percent on incomes greater than $800. However... 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 »

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 »