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My Hero

In: English and Literature

Submitted By cooper13
Words 293
Pages 2
Personal Finance
Report on Taxes This report is over taxation in the United States. I will be informing you on a few things I researched on taxes. For example what happens if you don’t pay your taxes or even who has to pay them? I will be also informing you on when the IRS was created and when income tax was established in the U.S. and why. The government normally takes the money and does something with it until it is your time to receive it back. Anyone who makes money through employment here in the United States is supposed to pay Federal income tax. If they don’t pay this then they won’t get the retirement money back. FICA also requires that the employers match the employees' amount and contribute the money to a government account known as the Social Security Trust Fund. This fund provides retirement income, as well as disability insurance, Medicare and benefits for survivors. States that are ranked with the highest income tax rankings are New Jersey at 11.8% of income, New York at 11.7% of income, Connecticut at 11.1% of income, Maryland at 10.8% of income, and Hawaii at 10.6% of income. These are a few high rankings. The first time an income tax was created was in 1799 in Great Britain to help the British pay for troops and supplies to defeat the French forces led by Napoleon. The 16th Amendment to the Constitution made the income tax a permanent fixture in the U.S. tax system. The Internal Revenue Service (IRS) is the United States federal government agency that collects taxes and enforces the internal revenue laws. This is my little bit of research on federal and state

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