personal income taxes
Personal income taxes refer to the mandatory payments levied by the government on individuals' earnings, wages, and other sources of income. These taxes are calculated based on a progressive tax system, where rates increase as income levels rise, and are used to fund various public services and functions.
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Related Concepts (21)
- alternative minimum tax
- capital gains tax
- child tax credit
- earned income tax credit
- estate taxes
- government revenue
- inheritance taxes
- itemized deductions
- marginal tax rates
- self-employment taxes
- standard deduction
- state income taxes
- tax audits
- tax brackets
- tax credits
- tax deductions
- tax evasion
- tax exemptions
- tax planning
- tax withholding
- taxable income