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Property taxes are taxes paid on real estate and certain personal property, such as cars, boats, and business equipment. Property taxes are one of the most common taxes people encounter, …
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A progressive tax is a tax system where higher-income earners pay a larger percentage of their income than lower-income earners. A progressive tax is one of the most widely discussed …
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A personal identification number (PIN) is a five-digit electronic “signature” that lets taxpayers securely sign and submit their tax returns online. A Personal Identification Number (PIN) may seem like a …
What Is a Personal Identification Number (PIN)? – Simple and Easy Explanation Read More
A personal exemption reduces the amount of income you’re taxed on by allowing you to claim yourself and your spouse. A personal exemption used to be one of the simplest …
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Payroll taxes are mandatory taxes that fund Social Security and Medicare programs. Payroll taxes are a key part of how the government funds important social programs, yet many people don’t …
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Nullification refers to a state choosing not to recognize or enforce a federal law within its borders. Understanding What Nullification Means In the simplest terms, nullification is the idea that …
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A nonrefundable tax credit can lower your tax bill to zero, but it cannot give you a refund beyond that amount. Understanding What a Nonrefundable Credit Means A nonrefundable credit …
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The Medicare tax helps fund healthcare benefits for eligible individuals once they reach age 65. Understanding the Medicare Tax The Medicare tax is a payroll tax that supports the Medicare …
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A mass tax is a tax that applies broadly to most taxpayers rather than just a select group. Taxes come in many forms, but some are so widespread that nearly …
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The Married Filing Separate filing status allows married couples to file their own individual tax returns, each reporting only their own income, deductions, and tax responsibility. Not every married couple …
What Is Married Filing Separate Filing Status? – Simple and Easy Explanation Read More