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Home » Individual Tax
Individual tax, also known as personal income tax, is a direct tax levied on an individual taxpayer’s earnings, such as wages, salaries, investments, and other types of income.
The administration of individual income tax occurs at both federal and state levels. The Internal Revenue Service (IRS) oversees federal tax collection.
Most U.S. citizens or permanent residents who work in the U.S. have to file a tax return.
A taxpayer can reduce their taxable income through deductions for healthcare, education expenses, and investments. The IRS also provides tax credits, which directly reduce the amount of tax owed.
The IRS offers tax deductions for healthcare expenses, investments, and certain education expenses.
Tax credits help reduce the taxpayer’s tax obligation or amount owed. They were created primarily for middle-income and lower-income households.
A taxpayer’s status such as Single, Married and Filing Jointly or Head of Household will determine their tax brackets and deductions.
The tax rates under this type of income tax depend on the income earned and increases, the higher the income.