Do you get all of what your federal back on your taxes?
No, you do not get all of what you put into Federal taxes back. Residents are taxed on worldwide income and allowed a credit for foreign taxes. Income subject to tax is determined under tax rules, not accounting principles, and includes almost all income from whatever source.
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About Federal Tax
Federal Taxes are administered through the Internal Revenue Service (IRS), a bureau of the Treasury. The US tax code is intended to provide revenue for the federal government. Federal taxes are also for public policy reasons, such as encouraging home ownership.
About Taxes
Taxes are a financial charge or other levy upon a taxpayer by a governing body. Taxes are used to carry out functions of the state and cover costs. Taxes are also the result of citizens demands for accountable representation.
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