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Standard deduction. 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 ...
An employer in the United States may provide transportation benefits to their employees that are tax free up to a certain limit. Under the U.S. Internal Revenue Code section 132(a), the qualified transportation benefits are one of the eight types of statutory employee benefits (also known as fringe benefits) that are excluded from gross income in calculating federal income tax.
The standard deduction amount varies by taxpayer filing status. Itemized deductions by individuals include home mortgage interest, state and local taxes, certain other taxes, contributions to recognized charities, medical expenses in excess of 7.5% of adjusted gross income, and certain other amounts.
While the standard deduction is the government's built-in subtraction that you can take while preparing your taxes, itemizing is composed of individual deductions that, together, can help lower ...
Pre-tax deductions also lower your state and federal unemployment dues. Post-tax deductions, on the other hand, are payroll deductions taken from an employee’s check after taxes have already ...
Standard and itemized deductions are two different ways you can lower the amount of income you're taxed on. You can choose which to take when you're filing your return. Because of itemized ...
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