Table of Contents
How much federal income tax is collected per year?
During Fiscal Year (FY) 2020, the IRS collected close $3.5 trillion, processed more than 240 million tax returns and other forms, and issued more than $736 billion in tax refunds (including $268 billion in Economic Impact Payments). In FY 2020, 59.5 million taxpayers were assisted by calling or visiting an IRS office.
How much did the IRS collect in 2018?
During fiscal year 2018, the IRS collected nearly $3.5 trillion, processed more than 250 million tax returns and other forms, and issued over 120 million individual income tax refunds totaling almost $395 billion.
What was the federal tax rate in 2009?
Ordinary taxable income brackets for use in filing 2009 tax returns due April 15, 2010.
| Tax rate | Single filers | Married filing jointly or qualifying widow/widower |
|---|---|---|
| 10% | Up to $8,350 | Up to $16,700 |
| 15% | $8,351 – $33,950 | $16,701 – $67,900 |
| 25% | $33,951 – $82,250 | $67,901 – $137,050 |
| 28% | $82,251 – $171,550 | $137,051 – $208,850 |
What was the tax rate in 2012?
2012 Federal Income Tax Rates
| If your taxable income is over | But not over | The tax is |
|---|---|---|
| $0 | $8,700 | 10% |
| $8,700 | $35,530 | $870 + 15% |
| $35,530 | $85,650 | $4,867.50 + 25% |
| $85,650 | $178,650 | $17,442.50 + 28% |
Did taxes go up in 2008?
Nationwide, tax changes enacted in all states during 2008 and 2009 totaled a net increase of $29.7 billion in states’ expected revenues, an amount equal to 3.8 percent of prior year revenue.
How much did the IRS collect in 2016?
During Fiscal Year 2016, the IRS collected more than $3.3 trillion, processed more than 244 million tax returns and other forms, and issued more than $426 billion in tax refunds.
How much does the federal government collect in taxes?
The federal government collected revenues of $3.5 trillion in 2019—equal to about 16.3 percent of gross domestic product (GDP) (figure 2). Over the past 50 years, federal revenue has averaged 17.4 percent of GDP, ranging from 20.0 percent (in 2000) to 14.6 percent (most recently in 2009 and 2010).
What are federal income tax brackets?
37% for incomes over$518,400 ($622,050 for married couples filing jointly)
What is the maximum income tax rate?
In reality, the maximum federal income tax rate that applies in the United States today is currently 43.8%. This is the income tax rate that self-employed Americans pay if their adjusted gross income exceeds $415,050 for single income tax filers, or $466,950 for married income tax filers.
What is the highest federal tax bracket?
The U.S. currently has seven federal income tax brackets, with rates of 10%, 12%, 22%, 24%, 32%, 35% and 37% . If you’re one of the lucky few to earn enough to fall into the 37% bracket, that doesn’t mean that the entirety of your taxable income will be subject to a 37% tax. Instead, 37% is your top marginal tax rate.
What are the Federal marginal tax rates?
39.60%. The Federal Income Tax is a marginal income tax collected by the Internal Revenue Service (IRS) on most types of personal and business income. The federal income tax consists of six marginal tax brackets, ranging from a minimum of 10% to a maximum of 39.6%.