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  2. Form 1040 - Wikipedia

    en.wikipedia.org/wiki/Form_1040

    Form 1040 (officially, the "U.S. Individual Income Tax Return") is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid or refunded by the government.

  3. Tax deduction - Wikipedia

    en.wikipedia.org/wiki/Tax_deduction

    Tax deduction is a reduction of income that is able to be taxed and is commonly a result of expenses, particularly those incurred to produce additional income. Tax deductions are a form of tax incentives, along with exemptions and credits. The difference between deductions, exemptions and credits is that deductions and exemptions both reduce ...

  4. Income tax in the United States - Wikipedia

    en.wikipedia.org/wiki/Income_tax_in_the_United...

    Employers and employees must also pay Social Security tax, the employee portion of which is also to be withheld from wages. Withholding of income and Social Security taxes are often referred to as payroll tax. Statute of limitations. The IRS is precluded from assessing additional tax after a certain period of time.

  5. Employment - Wikipedia

    en.wikipedia.org/wiki/Employment

    Employment is a relationship between two parties regulating the provision of paid labour services. Usually based on a contract, one party, the employer, which might be a corporation, a not-for-profit organization, a co-operative, or any other entity, pays the other, the employee, in return for carrying out assigned work.

  6. Earned income tax credit - Wikipedia

    en.wikipedia.org/wiki/Earned_income_tax_credit

    The United States federal earned income tax credit or earned income credit (EITC or EIC) is a refundable tax credit for low- to moderate-income working individuals and couples, particularly those with children. The amount of EITC benefit depends on a recipient's income and number of children.

  7. Wage - Wikipedia

    en.wikipedia.org/wiki/Wage

    It is an obligation to the employee regardless of the profitability of the company. Payment by wage contrasts with salaried work , in which the employer pays an arranged amount at steady intervals (such as a week or month) regardless of hours worked, with commission which conditions pay on individual performance, and with compensation based on ...

  8. Economic impact of illegal immigrants in the United States

    en.wikipedia.org/wiki/Economic_impact_of_illegal...

    Illegal immigrants pay social security payroll taxes but are not eligible for benefits. During 2006, Standard & Poor's analysts wrote: "Each year, for example, the U.S. Social Security Administration maintains roughly $6 billion to $7 billion of Social Security contributions in an "earnings suspense file"—an account for W-2 tax forms that ...

  9. History of health care reform in the United States - Wikipedia

    en.wikipedia.org/wiki/History_of_health_care...

    The senator proposed to replace special tax breaks for persons with employer-based health care coverage with a universal system of tax credits. These credits, $2,500 for an individual and $5,000 for a family would be available to Americans regardless of income, employment or tax liability.