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Section: Federal income tax definition
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Federal income tax : The federal government levies a tax on personal income. The federal income tax provides for national programs such as defense, foreign affairs, law enforcement, and interest on the national debt.
 
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More must know tax terms
CPA - Certified Public Accountant
federal income tax
(AGI) Adjusted Gross Income
Tax credits
Deductable

Standard Deductions
Itemized Deductions
Exemption

Progressive Taxation
Taxable Income
Voluntary Compliance
Withholding