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Statutory employees pay FICA tax through their employer, and so do not pay self-employment tax; despite this, they must report expenses, income and wage. [3] Similar to independent contractors, statutory employees may deduct business expense from W-2 earnings. [3]
The list focuses on the main types of taxes: corporate tax, individual income tax, and sales tax, including VAT and GST and capital gains tax, but does not list wealth tax or inheritance tax. Personal income tax includes all applicable taxes, including all unvested social security contributions.
A statutory tax rate is the legally imposed rate. An income tax could have multiple statutory rates for different income levels, where a sales tax may have a flat statutory rate. [2] The statutory tax rate is expressed as a percentage and will always be higher than the effective tax rate. [3]
The IRS statutory income thresholds are as follows: Married filing jointly — $250,000. Married filing separately — $125,000. Single or head of household — $200,000.
Not to mention the tax provisions that are set to sunset in 2025, such as the reduced statutory income tax rates introduced by the 2017 Tax Cuts and Jobs Act.
Fox, Stephen C., Income Tax in the USA, published annually. 2013 edition ISBN 978-0-985-18231-1; Treatises. Bittker, Boris I. and Eustice, James S.: Federal Income Taxation of Corporations and Shareholders: abridged paperback ISBN 978-0-7913-4101-8 or as a subscription service. Cited above as Bittker & Eustice.
Earned income is defined by the United States Internal Revenue Code as income received through personal effort, [23] with the following as the main sources: [17] Wages, salaries, tips, commissions, and other taxable employee pay. Net earnings from self-employment. Gross income received as a statutory employee. [24]
The Internal Revenue Code of 1986 (IRC), is the domestic portion of federal statutory tax law in the United States. It is codified in statute as Title 26 of the United States Code . [ 1 ] The IRC is organized topically into subtitles and sections, covering federal income tax in the United States , payroll taxes , estate taxes , gift taxes , and ...