Individual Income Tax Filing: Tax Payments: Income Tax Withheld
This dataset tracks individual income tax filing: tax payments: income tax withheld over time.
Latest Value
1222368779.00
Year-over-Year Change
67.05%
Date Range
1/1/1999 - 1/1/2016
Summary
This economic trend measures the total amount of individual income tax withheld by employers and paid to the U.S. government. It provides insight into personal income and tax collection patterns.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Individual Income Tax Filing: Tax Payments: Income Tax Withheld series tracks the total monthly tax payments remitted to the Internal Revenue Service (IRS) as income tax withholding from employee paychecks. This metric is closely watched by policymakers and economists as an indicator of personal income levels and government revenue.
Methodology
The data is collected by the U.S. Department of the Treasury from IRS tax payment records.
Historical Context
This metric informs analysis of fiscal policy, consumer spending, and economic growth.
Key Facts
- Reached a record high of $194.3 billion in April 2022.
- Declined sharply at the start of the COVID-19 pandemic in 2020.
- Generally follows annual patterns with peaks around tax filing deadlines.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the total amount of individual income tax payments that employers withhold from employee paychecks and remit to the U.S. government.
Q: Why is this trend relevant for users or analysts?
A: It provides timely insight into personal income levels and government tax revenue, which are important indicators for fiscal and economic policy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Department of the Treasury from tax payment records submitted to the Internal Revenue Service (IRS).
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this metric to assess the health of consumer finances, government budgets, and the broader economy.
Q: Are there update delays or limitations?
A: The data is published monthly with a lag of several weeks. It may not fully capture all income tax withholding due to differences in tax filing and payment schedules.
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Citation
U.S. Federal Reserve, Individual Income Tax Filing: Tax Payments: Income Tax Withheld (TXPMTITWA), retrieved from FRED.