Why do we pay federal income tax?

Answer When the 16th Amendment to the U.S. Constitution was ratified in 1913, individuals and corporations were mandated by law to pay federal income tax. Congress passed the federal income tax legislatio... Read More »

Top Q&A For: Why do we pay federal income tax

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 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 »

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 »