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Learn about the top tax write-offs for 2016, from student loan deductions to gambling deductions -- and even safety deposit box rentals.
Under United States tax law, the standard deduction is a dollar amount that non-itemizers may subtract from their income before income tax ... 2016 [14] $6,300 ...
So whether you file as single, married filing separately, married filing jointly or head of household will affect how much income tax you owe. For tax year 2015, single filers with taxable income ...
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)
[18] [19] The Revenue Act included a deduction for state and local taxes, as well as national taxes. [17] [20] This Civil War-era income tax was repealed in 1871. A federal income tax was again introduced in 1894, and again included deductions for state and local taxes, [19] but in 1895 the Supreme Court ruled the income tax unconstitutional in ...
It is easy to lump exemptions, deductions and credits into the same basket of tax-saving mechanisms, but they are distinctly different.