Individual Income Taxes: Sources of Federal Revenue So far in FY 2023, individual income taxes have contributed 55% of total revenue, followed by taxes on Social Security and Medicare with 34%.Payments to federal agencies like the U.S. Department of the Interior also contribute to government revenue.
The marginal tax rate is what?
The amount of additional tax paid for each additional dollar earned as income is known as the marginal tax rate. The total amount of tax paid divided by total income earned is the average tax rate. With a marginal tax rate of 10%, 10% of every subsequent dollar earned would be taxed.
As the pandemic's economic recovery continues, this is especially significant. In 2020, individual income taxes—federal, state, and local—accounted for 41.1 percent of total tax revenue in the United States.
Learn more about individual income taxes here:
https://brainly.com/question/26316390
#SPJ4
