The US tax system is a federal income tax system with progressive tax brackets based on income levels. Taxpayers are generally aware of the April 15th tax filing deadline and the concept of tax deductions and credits to reduce tax liabilities. Social Security and Medicare taxes fund government programs, and some states income taxes also applies. Tax forms like the 1040, W-2, and 1099 are well-known, and taxpayers can receive refunds for overpaid taxes. Penalties apply for non-compliance, and many seek help from tax professionals for accurate filing. It’s important to note that tax laws can be complex and subject to change.