20:38
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Simple English definitions for legal terms
Internal Revenue Code
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A quick definition of Internal Revenue Code:
The Internal Revenue Code, also known as "The Code," is a set of rules created by the government about taxes. It tells people how much money they need to pay to the government based on how much money they make. The Code has many different parts, but the most important one is about income taxes. Other parts talk about taxes on things like gifts, estates, and employment. The Code also explains how the government collects taxes and how people can follow the rules.
A more thorough explanation:
The Internal Revenue Code, also known as "The Code," is a collection of federal laws related to taxes. These laws are compiled into Title 26 of the United States Code. The Code includes 11 sections that cover both the substantive and procedural aspects of federal tax law.
The largest section of the Code is Subtitle A, which provides rules for calculating and imposing federal income taxes. Other important sections include Subtitle B, which covers federal estate and gift taxes, Subtitle C, which covers federal employment taxes and the collection of federal income taxes, Subtitle D, which covers federal excise taxes, and Subtitle F, which covers the procedures and administration of federal taxes.
For example, if you earn income from a job, you will need to pay federal income taxes based on the rules outlined in Subtitle A of the Internal Revenue Code. If you receive a gift or inherit money, you may need to pay federal estate or gift taxes based on the rules outlined in Subtitle B. And if you own a business and have employees, you will need to pay federal employment taxes and follow the collection procedures outlined in Subtitle C.