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Income Tax Planning
Chapter 1: Introduction to Income Tax Planning/INTERNAL REVENUE COLLECTIONS
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Chapter Study Session

Chapter 1: Introduction to Income Tax Planning

INTERNAL REVENUE COLLECTIONS

01.Core Concepts

Percent of 2024 Total Gross Collections* for FY 2024 Type of Tax 11.1% $565,085,519 Business Income Tax 53.0% $2,704,613,774 Individual Income Tax 32.6% $1,661,154,748 Employment Tax 0.6% $32,867,889 Estate & Gift Tax *Money amounts are in thousands of dollars.