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american citizens must pay federal taxes which are paid via
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History
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Author:
callieruiz255 - 1 month ago
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Answers: 2
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Answers
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income tax, payroll deductions, and estate taxes. Income tax is the primary way most American citizens pay federal taxes. Income tax is based on an individual or family’s total annual income, including wages, salaries, capital gains, investments, and other sources of income. Tax rates vary by income level and filing status. Payroll deductions are a common way that many American citizens pay federal taxes. Wages and salaries are usually subject to payroll deductions for Social Security, Medicare, and federal income taxes. The amount withheld from each paycheck depends on an individual's salary and filing status. Estate taxes are paid by American citizens when a person dies and leaves behind assets with a value over a certain amount. The estate pays the federal estate tax at a rate of 40%. Only a small portion of Americans will have to pay estate taxes due to the high exemption rate.
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Answered:
Preston Vincent
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a 1040 form. The form is available online to download or print. On the form, citizens must provide their personal information, income, and deductions in order to calculate a total tax due. Once the form is complete, it must be submitted to the Internal Revenue Service for processing.
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Answered:
Elian Richard
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