By Jack Phillips Monday, April 15 is the deadline to file federal income tax returns and extensions to the Internal Revenue Service (IRS) for most people. The IRS said on April 12 that it has received more than 100 million returns, but millions more returns are expected to be filed by the end of April […]
Tag: Income Tax
An income tax is a tax imposed on individuals or entities that varies with respective income or profits. Income tax generally is computed as the product of a tax rate times taxable income. Taxation rates may vary by type or characteristics of the taxpayer. The tax rate may increase as taxable income increases.