Tag: Federal

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The U.S. Federal Government is a powerful force in the modern world. From healthcare reform and modern infrastructure to cutting-edge military technology, federal agencies drive innovation on a global scale. With a focus on promoting the wellbeing of citizens and creating a more equitable society, this dedicated organization works hard to ensure the nation’s prosperity. From providing world-class healthcare to creating a more resilient economic system, the federal government continues to work towards a better future. No matter your view, the federal government works diligently to ensure a brighter tomorrow.

Income

2023 Federal Income Tax Brackets: What to Expect

by Nicole KnightSeptember 16, 2023

In 2023, the federal income tax will be based off of seven tax brackets that will range from 10% to 37%. Those earning less than $9,950 per year will fall into the 10% bracket, while those making between $9,951 and $40,525 will be subject to a 12% rate. Those making more than $523,600 will fall into the highest, 37%, bracket. Various deductions and credits may help taxpayers reduce their liabilities, depending on their unique financial situation. It’s important to take time to review the rates and brackets to ensure you’re being taxed at the right rate for your income.

Income

Federal Income Tax: Understanding Your Tax Obligation in Forex Trading

by Penny GrimesAugust 13, 2023

Federal income tax applies to the income earned by individuals, corporations, trusts, and other entities. Taxpayers are required to file an annual income tax return to determine their tax liability. The income tax rate for individuals is progressive, meaning the tax rate increases as income increases. The government also collects a variety of taxes on businesses, such as payroll taxes, capital gains taxes, estate and gift taxes, and excise taxes. All taxpayers must pay federal income tax, however, certain people may qualify for certain credits and deductions to reduce their tax liability. Understanding the rules of the federal income tax system can help taxpayers make financial decisions that minimize their tax burden.