Where does income tax money go?

Answer Income tax is the primary source of revenue for the federal government. The federal government uses the income tax money for various economical projects including funding infrastructure projects, w... Read More »

Top Q&A For: Where does income tax money go

Does an LLC have to pay income tax in every state where money was received?

LLCs do not have to pay income taxes in every state where money was received. The owners of the LLC report the income of the business on their personal income tax forms. The actual business does no... Read More »

How much money does income tax generate?

According to the Congressional Budget Office, for the fiscal year 2009, individual income taxes generated $915 billion, while corporate income taxes generated $138 billion. So the total amount prod... Read More »

Does Scholarship Money Count as Taxable Income?

Scholarship money will only count as taxable income if your total scholarship money exceeds your qualified expenses, which include your tuition costs and fees. Scholarships that pay for room and bo... 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 »