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Income Tax

A tax levied by the federal government on an individual's or company's earnings and profits.

Payroll Taxes

Taxes paid by employers and employees, deducted from wages, to fund Social Security and Medicare programs.

Estate and Gift Taxes

Taxes imposed by the federal government on the transfer of wealth, either after someone's death (estate tax) or as a gift during their lifetime (gift tax), above certain thresholds.

National Sales Tax

A tax applied by the federal government to the sale of most goods and services, typically added to the price at the point of purchase.

Internal Revenue Service (IRS)

The federal agency responsible for collecting taxes and enforcing tax laws in the United States.

Sixteenth Amendment

An amendment to the U.S. Constitution, ratified in 1913, that allows Congress to levy an income tax without apportioning it among the states based on population.

General Revenue

Money collected by the government from various sources, such as taxes, fees, and duties, that is not specifically earmarked for a particular purpose and can be used for general government operations.