Final answer:
Every three months, businesses are required to file a more complete accounting of federal taxes, which includes forms such as the 1040 for individuals. Taxes like individual income tax, corporate income tax, and social insurance contribute significantly to federal revenue, crucial for government operations.
Step-by-step explanation:
Every three months, a more complete accounting of federal taxes is required on the Form 1040. Individuals calculate and report their owed taxes to the government, a process which contributes to the federal government's revenue, primarily comprised of individual income taxes, corporate income taxes, and social insurance and retirement receipts. While personal income taxes are due annually on April 15th, businesses often have quarterly filing requirements, like estimated tax payments for those who expect to owe tax of $1,000 or more when their return is filed.
Tax revenues play a vital role in funding government operations. The various forms of taxation, including excise taxes, payroll taxes, and income taxes, combined to generate about $3.4 trillion in revenue for the United States in 2020, according to the source material provided. Changes in tax policy, such as those introduced by the Tax Cuts and Jobs Act, can have significant impacts on the economy and government revenue.