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Taxation in the United States, like in various other countries, is quite a complicated affair. The federal government of the United States imposes an annual progressive tax on the income of individuals, companies, corporations and entities like partnerships, trusts and estates. In the USA, the Internal Revenue Service ( is the governing body for taxation which is responsible for collecting taxes as well as implementing tax laws and reforms. Apart from these federal taxes, several states and municipal governments also impose income taxes. As a resident of New York City you are expected to pay federal, state and city taxes.

There are two major classifications of income for an individual. The first is ordinary earned incom…

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