Income Tax

A charge imposed by government on the annual gains of a person, corporation, or other taxable unit derived through work, business pursuits, investments, property dealings, and other sources determined in accordance with the INTERNAL REVENUE CODE or state law.

Taxes have been called the building block of civilization. In fact, taxes existed in Sumer, the first organized society of record, where their payment carried great religious meaning. Taxes were also a fundamental part of ancient Greece and the Roman Empire. The religious aspect of taxation in Renaissance Italy is depicted in the Brancacci Chapel, in Florence. The fresco Rendering of the Tribute Money depicts the gods approving the Florentine income tax. In the United States, the federal tax laws are set forth in the Internal Revenue Code and enforced by the INTERNAL REVENUE SERVICE (IRS).