Annual gross income Think of this as your salary, or the sum of your wages and tips, plus any income from interest, dividends, alimony, retirement distributions, unemployment compensation and Social ...

Income tax is a government-levied tax on income generated by individuals and businesses. Taxes are used to fund public services, government obligations, and infrastructure like schools and roads.

Effective tax rate is your average tax rate as a percentage of total income. Marginal tax rate is the tax on your highest dollar earned, not your total income. Historically, top marginal rates have ...

When you purchase through links on our site, we may earn an affiliate commission. Here’s how it works. Income tax is charged on most types of income but tax allowances protect some from the taxman. If ...