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The federal income tax is progressive A tax that charges more for higher incomes
The Federal income tax is a progressive tax because the more a person makes in revenue, the more tax they will have to pay. The tax level or percentage is higher for those with a higher income, too.
Income tax was instituted on July 01, 1913
The first Federal Income tax was collected in 1862. It was to help pay the cost of the United States Civil War.
Your employer payroll department would have to give you the correct percentage that they will be withholding for all of your federal taxes that they will be required to withhold from your gross income.
You cannot deduct withheld federal taxes on your federal income tax return. There are some states that allow the deduction of withheld federal taxes on the state income tax return.
tax
tax
The amount of withheld federal income tax that is returned to you depends on a variety of factors. Your yearly income, marital status, number of dependents, and expenses are all used to calculate your tax return.
withholding tax.
withholding tax
You do NOT have any amount that is withheld from your net take home paycheck after it is issued to you. The amount that is withheld is calculated on your gross earnings for the pay period and is a advance payment of your possible future income tax liability. After your income tax return is completed correctly and IF the amount that is withheld is more than your federal or state income liability then you will receive a refund of the over withheld amount.
Withholding Tax
By having some income withheld from your worldwide income and then filing an income tax return to claim a refund of some of the amount that may have been over withheld. More than your federal income tax liability on all of your gross worldwide income.
Income tax withheld from each paycheck
Yes it is.
Federal Income tax (FIT) withheld from your gross wages.