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- What Is Income Tax and How Are Different Types Calculated? - InvestopediaIncome tax is a type of tax governments impose on income generated by businesses and individuals within their jurisdiction. Income tax is used to fund public services, pay government...
- Taxation in the United States - WikipediaThe U.S. income tax system imposes a tax based on income on individuals, corporations, estates, and trusts. [16] The tax is taxable income, as defined, times a specified tax rate. This tax may be reduced by credits, some of which may be refunded if they exceed the tax calculated.
- Tax Basics: A Beginner's Guide to Taxes - FindLawTwo types of income are subject to taxation: earned income and unearned income. Earned income includes: Taxable unearned income may include: It is possible to reduce taxable income by contributing to a retirement account like a 401 (k) or an IRA. How are income taxes calculated?
- The Three Basic Tax Types | TaxEDU Resources - Tax FoundationLearn about 12 specific taxes, four within each main category—earn: individual income taxes, corporate income taxes, payroll taxes, and capital gains taxes; buy: sales taxes, gross receipts taxes, value-added taxes, and excise taxes; and own: property taxes, tangible personal property taxes, estate and inheritance taxes, and wealth taxes.
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