Current Income Tax Structure in the United States
In order to understand the current income tax structure in the United States, it is important to first have a basic understanding of how taxation works. The federal government imposes taxes on individuals and businesses using a progressive system. This means that as income increases, so does the percentage rate of taxation. In addition to this, there are also certain deductions available for certain types of expenses such as charitable donations or investments.
Research and construct a 3research on the current income tax structure in the United States
The current income tax structure in the US consists of seven tax brackets ranging from 10% for those with an adjusted gross income at or below $9,999 all way up 37% for those earning more than 495,400 per year . As mentioned above , various deductions are offered lower taxable amounts these range from deducting medical expenses retirement contributions educational costs etc . Additionally credits available reduce amount owed including earned income child tax credit etc  . These can be used either offset other taxes owed result larger refund depending upon individual situation.
In terms payment responsibilities taxpayers must pay estimated quarterly basis throughout calendar year anticipating proper taxes will due once filing deadlines arrive April 15th every unless extended which often occurs countries like 2020 due Covid-19 pandemic . Failure meet these requirements carries penalty penalty being assessed not only late fees interest compounded over unpaid balances potentially resulting substantial sums additional money needing paid if left unresolved. Similarly corporations must adhere similar laws though rates applied vary greatly depending upon size profits made amongst other factors .<nbsp; Furthermore when dealing international clients rules regulations become even more complex since foreign earned incomes whole different ballgame requiring special considerations made sure everything done correctly accordance local laws act prevent double taxation scenarios arising avoid paying same money multiple times country’s citizens pay find themselves overseas any year.[6 ] This why having experienced certified professional help through process invaluable since they know intricacies associated involved make sure filings properly submitted while minimizing potential liabilities faced future based decisions made now.<b\\\\r`,
: Internal Revenue Service (2020) What Is A Tax Bracket? https://www.irs.gov/individuals/what-is-a-tax-rate Accessed 8th December 2020 Last Updated Date 30 October 2020 : Internal Revenue Service (2020) How To Calculate Your Taxes https://www.irs.gov/credits-deductions/individuals/calculating -your -taxes Accessed 8th December 2020 Last Updated Date 30 October 2020 < ;/ b > ; ; […], < br = \\\” \\\”> ; `f \\ r ` , < br > ; `or ]: Internal Revenue Service(2020) What Are Tax Credits ?https://www.irs.gov /credits – deductions / individual s / what –are – tax–credit s Accessed8Dehceemher2040 LastUpdatedDate30October2040</b\\\\r`,