The Internal Revenue Service is slated to collect $1.62 trillion in revenue from individual tax filers this year, up from $1.54 trillion in 2015, according to a new analysis by WalletHub.

The report found a net 92 percent of all federal revenue is acquired through the tax agency and only costs the IRS 35 cents for every $100 in "profit" it generates.

But the report also found people are spending billions of hours dealing with the tax code. For Americans and immigrants working in the country, the task of filing federal and state taxes will suck up more than 6 billion hours of time, an estimated 16 hours per person to make the April 18 deadline this year.

It also found the process can be aggravating for some who need assistance in filing their taxes. The average wait time to speak with an IRS representative in 2015 was 30.5 minutes. What's worse is 62 percent of calls went unanswered, a problem the IRS has blamed on lack of adequate funding from Congress.

There are other undesired tasks Americans would rather take on than deal with taxes. A total of 35 percent of WalletHub poll respondents said they would rather talk to their children about sex, while 27 percent admitted they would get a tattoo with "IRS" if it got them off the hook for filing.

But there is some good news for those who waited until last minute to get their house in order. Due to Emancipation Day scheduling, the government pushed back the deadline from the standard April 15 to April 18, giving filers the weekend to check with Uncle Sam.

Source: WalletHub