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Federal Tax

Overview

Federal tax is a mandatory financial charge imposed by the national government on individuals, businesses, and other entities to fund public services and government operations. It is typically collected by a federal tax authority, such as the Internal Revenue Service (IRS) in the United States.

Types of Federal Taxes Income Tax

  • Paid by individuals and businesses on earnings
  • Corporate Tax
  • Estate and Gift Taxes
  • Shared by employers and employees
  • Rates vary based on income level filing status
  • Levied on the profits of corporations
  • Payroll Taxes
  • Self-Employment Tax

Filing Requirements

Annual tax returns must be filed by individuals and businesses, typically by April 15 in the U.S.

Electronic filing is encouraged for faster processing

Businesses may also have quarterly estimated tax payment requirements

Compliance and Penalties

Failure to file or pay taxes on time can result in penalties, interest, and legal action

elf-Employment Tax

Taxpayers may be subject to audits or reviews by federal tax authorities

Federal Tax Authorities

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Support and Resources

Taxpayers can use tax professionals, accounting software, or official resources

Free tools and helplines are available for basic filing assistance

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Location

Houston Texas- 77042