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What is taxed income?

Updated: 9/17/2019
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Wiki User

11y ago

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Income tax is the tax that the government takes out of the income you earn. It is the main form of taxes that the government receives from you. This money is used to pay for infrastructure, military, government employees, government programs such as welfare or grants, and anything else the government needs to pay for. The amount of taxes that are taken out of your paycheck depends on the income bracket in which you stand. Typically, if you make more money, you will be taxed a higher percentage.

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12y ago
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15y ago

It is the tax levied against you for income you earned from employment or a business. Taxes you pay on most types of income.

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12y ago

Income tax is money you have to pay the government on money you make by working.

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13y ago

All of your gross worldwide income from all sources would reportable income on your 1040 federal income tax return for the tax year that it is received in.

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Related questions

Are fixed income annuities taxed?

Yes, the income you receive will be taxed as ordinary income.


Do you get taxed on money saved?

Not taxed again on the after income tax money that you have saved but you are taxed on the earnings from the after income tax saved money.


How much of a business's income is taxed?

The amount that a business's income is taxed depends on which of the eight tax brackets they are in which are based on overall profit. They can be taxed from 15% to 35%.


What happens to the percentage of an income that is taxed when income rises and the tax is a proportional one?

The percentage of an income that is taxed will stay the same when income rises until that income reaches a certain point set by the government. A higher tax bracket may mean a higher portion of the income will be taxed.


What is the earning threshold for a child to pay taxes?

The child's income is essentially considered the income of the parent...so it is taxed at their rate, and presumably they have enough income to be taxed.


Is a military pension taxed?

Yes, it is income and all income is taxed.


How are cash dividends taxed?

Dividends, cash or otherwise, are taxed as ordinary income.


What are you being taxed on?

YOU are being taxed on all of your gross worldwide income from all sources that you have reported on your income tax return for the year.


How much is taxed are you taxed on 1476.00?

in Britain it is 17.5% tax rate and if that is your annual income then no.


Is net or gross income taxed?

gross


Is workman's compensation taxed as earned income?

No


Is an employer stock option incentive taxable income?

They are not taxable. Stocks are not taxed based on your income. They are taxed by region or where you may live. That is why these stocks are not taxable.