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Form W-2 (officially, the "Wage and Tax Statement") is an Internal Revenue Service (IRS) tax form used in the United States to report wages paid to employees and the taxes withheld from them. [1] Employers must complete a Form W-2 for each employee to whom they pay a salary, wage, or other compensation as part of the employment relationship.
In the Napoleonic Wars and the War of 1812, the imports and tariff taxes in the United States plummeted, and Congress in 1812 brought back the excise tax on whiskey to partially compensate for the loss of customs/tariff revenue. Within a few years, customs duties brought in enough federal income to abolish nearly all federal taxes except ...
This greatly eased the collection of the tax for both the taxpayer and the Bureau of Internal Revenue. However, it also greatly reduced the taxpayer's awareness of the amount of tax being collected, i.e. it reduced the transparency of the tax, which made it easier to raise taxes in the future.
Each employer is required to provide each employee an annual report on IRS Form W-2 [75] of wages paid and federal, state and local taxes withheld, with a copy sent to the IRS and the taxation authority of the state. These are due by January 31 and February 28 (March 31 if filed electronically), respectively, following the calendar year in ...
A copy must be sent to the IRS, and some state governments also require a copy. These are due by January 31 and February 28 (March 31 if filed electronically), respectively, following the calendar year in which wages are paid. The Form W-2 constitutes proof of payment of tax for the employee. [52]
Whatever happens with the External Revenue Service, or ERS, it’s likely the second Trump term will bring new tariffs. Tariffs are like a tax imposed on goods imported from other countries.
As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ – see below for explanations of each) used for such returns.
The Revenue Act of 1913 reduced the average import tariff rates from approximately 40 percent to approximately 25 percent. [15] The Act established the lowest rates since the Walker Tariff of 1857. Most schedules were ad valorem basis, a percentage of the value of the item. [16] The duty on woolens went from 56% to 18.5%.