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All income earned up to a point, adjusted annually for inflation ($106,800 for the year 2010) is taxed at 7.65% (consisting of the 6.2% Social Security tax and the 1.45% Medicare tax) on the employee with an additional 7.65% in tax incurred by the employer.
Taxpayers in the United States may have tax consequences when debt is cancelled. This is commonly known as cancellation-of-debt (COD) income. According to the Internal Revenue Code, the discharge of indebtedness must be included in a taxpayer's gross income. [1] There are exceptions to this rule, however, so a careful examination of one's COD income is important to determine any potential tax ...
The Capital Gains and Qualified Dividends Worksheet in the Form 1040 instructions specifies a calculation that treats both long-term capital gains and qualified dividends as though they were the last income received, then applies the preferential tax rate as shown in the above table.
Charitable contribution deductions for United States Federal Income Tax purposes are defined in section 170 (c) of the Internal Revenue Code as contributions to or for the use of certain nonprofit enterprises.
Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [1] but usually choose whichever results in the lesser amount of tax payable. [2] The standard deduction is available ...
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