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What´s the IRS?
As a foreigner, I have an idea but I don´t know what it is exactly.
Thank you for your time.
- Anonymous1 decade agoFavorite Answer
The IRS stands for Internal Revenue Service wich is a United States government agency tasked with collecting yearly state and income tax from working residents and businesses. Most citizens pay income tax to thethethe IRS annually, though in some cases quarterly prepayments are required for freelancers and businesses that exceed a given income threshold. TheTheThe IRS is part of the Department of the Treasury.
IRS income and state taxes are based on the calendar year with annual payments due no later than the following April 15th. The process of submitting IRS tax forms is called filing taxes. A request for an extension isisis acceptable, but estimated payments must accompany the extension request, which must be filed early.
IRS taxes are calculated on a sliding scale, with higher incomes commiserate with higher IRS tax brackets. Though the exact tables change yearly, simply put, the more you earn, the more you pay. For those paid hourly wages or earning a salary, estimated taxes are taken from each paycheck. At thethethe end of the year one may get a refund for overpayment, or be required to pay more tax if an insufficient amount was deducted throughout the year.
- JudyLv 71 decade ago
The Internal Revenue Service is part of the Treasury Department of the United States, and is the organization in charge of enforcing federal tax laws and collections.
- 1 decade ago
The IRS is sort of like the "tax police." If you don't pay your taxes in full and on time, the IRS audits you. This means that they ask you for certain records of your expenditures over the last seven years and they determine exactly how much you still owe. If you still don't pay, there could be serious consequences, such as fines and even jail. The IRS enforces the tax laws basically. I'm 16, so that's all I really know about it.
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- Badger BoiseLv 51 decade ago
It stands for the INTERNAL REVENUE SYSTEM which is responsible for administrating tax laws and collection of US income taxes, social secuity taxes and medicare taxes from a citizens earned income.
- Anonymous1 decade ago
you don't want to run into these people cause they can take your stuff away. So pay all your taxes.
IRS means Internal Revenue Service
- 1 decade ago
Internal revenue service. the people who take your taxes.