Federal Income Tax is a tax levied by the U.S. government on individuals and businesses based on their income, collected through withholdings or estimated payments.
- What is federal income tax?
Answer: It is a tax on income levied by the U.S. government. - Who is required to pay federal income tax?
Answer: Individuals and businesses with taxable income must pay. - How is it calculated?
Answer: It is calculated based on income, deductions, and tax brackets. - What forms are used to file it?
Answer: Forms include 1040 for individuals and 1120 for corporations. - What are the deadlines?
Answer: The deadline is typically April 15, with extensions available.
