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Individual income tax: $1,645.6 $1,546 Corporate income tax: $473.3 $300 Social Security and other payroll tax: $1,111.9 $1,115 Excise tax: $112.1 $95 Estate and gift taxes: $21.3 $21 Customs duties: $38.4 $36 Other miscellaneous receipts $122.5 $156 Total: $3,525.2: $3,268
The origin of the current rate schedules is the Internal Revenue Code of 1986 (IRC), [2] [3] which is separately published as Title 26 of the United States Code. [4] With that law, the U.S. Congress created four types of rate tables, all of which are based on a taxpayer's filing status (e.g., "married individuals filing joint returns," "heads of households").
Under that table for 2016, the income tax in the above example would be $3,980.00. [35] In addition to income tax, a wage earner would also have to pay Federal Insurance Contributions Act tax (FICA) (and an equal amount of FICA tax must be paid by the employer): $40,000 (adjusted gross income) $40,000 × 6.2% [36] = $2,480 (Social Security portion)
This table lists the tax revenue collected from each state, plus the District of Columbia and the territory of Puerto Rico by the IRS in fiscal year 2018, which ran from October 1, 2016, through September 30, 2017.
From child care costs to mortgage interest to charitable donations to moving expenses, the IRS offers a lengthy list of tax write-offs that can reduce your taxable income, so read carefully and ...
From 1998 through 2017, tax law keyed the tax rate for long-term capital gains to the taxpayer's tax bracket for ordinary income, and set forth a lower rate for the capital gains. (Short-term capital gains have been taxed at the same rate as ordinary income for this entire period.) [ 16 ] This approach was dropped by the Tax Cuts and Jobs Act ...
Much of the income came from what The New York Times said was an $8 million deal for three books from the Bidens. ... Forbes reported in 2016 that the Clintons made $240 million in the 15 years ...
On individual tax returns it would change the number of tax brackets from seven to three, with tax rates of 12%, 25%, and 35%; apply a 25% tax rate to business income reported on a personal tax return; eliminate the alternative minimum tax; eliminate personal exemptions; double the standard deduction; and eliminate many itemized deductions ...
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