What is Federal Income Tax?
Answer:
Federal Income Tax is an income tax
levied by the federal government and overseen by the IRS (Internal Revenue Service) which collects monies based earned income. In fact, any earnings you receive from an employer are taxable income, except for tax-free benefits. (Unemployment earnings are also taxable.)

Federal income tax returns are required to be filed by April 15 of each year. However, it is possible to file for an extension to this deadline. Usually, the most beneficial tax brackets are for married people who file jointly. The option of married filing separately is not as likely to be as beneficial as filing jointly. Single parents taking care of a child and are unmarried may qualify to file as head of household which may be helpful for their tax situation. If you’re unsure how to file your federal income tax you should contact your accountant or a tax attorney.
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