Income Tax
Overview of the federal income tax system.
- 2010 Individual Tax
- An income tax is imposed on individual citizens and residents of the United States. The tax is based on an individual’s taxable income. An individual computes his or her taxable income by reducing gross income by the sum of (i) the deductions allowable in computing adjusted gross income, (ii) the standard deduction (or itemized deductions, at the election of the taxpayer), and (iii) the deduction for personal exemptions. Graduated tax rates are then applied to a taxpayer’s taxable income to determine his or her income tax liability. Lower rates apply to net capital gain and qualified dividend income. A taxpayer may also be subject to an alternative minimum tax. A taxpayer may reduce his or her income tax liability by certain tax credits.
- 2011 Individual Tax
- Individual Income Tax for 2011
