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What Does Federal Income Tax Mean?

April 26, 2017Education federal income tax federal income taxes glossary Investing Investment mean tutorials

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What Does Federal Income Tax Mean?

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A tax levied by the United States Internal Revenue Service (IRS) on the annual earnings of individuals, corporations, trusts and other legal entities. Federal income taxes are applied on all forms of earnings that make up a taxpayer’s taxable income, such as employment earnings or capital gains.