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Payroll tax is a tax imposed on employers or employees based on their salaries. Learn about the different types, rates, and deductions of payroll tax in various countries, such as Australia, Austria, Bermuda, Brazil, Canada, China, Croatia, and more.
Learn about the standard deduction, a tax benefit for non-itemizers in the US, based on filing status and age. Find out the amounts, conditions, and examples of the standard deduction for different years.
A tax deduction is an amount deducted from taxable income, usually based on expenses such as those incurred to produce additional income. Learn about different types of tax deductions, such as above and below the line, business expenses, cost of goods sold, and limitations.
Tax Deductions For the 2024 Tax Year. The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023.
The standard deduction is rising 6.9% or 7.2%, depending on filing status, while the Earned Income Tax Credit amount will increase by 7.1%, the Internal Revenue Service announced this week.
Post-tax deductions, on the other hand, are payroll deductions taken from an employee’s check after taxes have already been withheld. Post-tax deductions do not reduce your tax liability.
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