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Horizontal equity is the idea that people with the same income level should pay the same amount of tax—“equals should be taxed equally.” Understanding Horizontal Equity When people talk about …
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Head of Household filing status is for taxpayers who are unmarried, support a home financially, and have a qualifying person living with them for most of the year. Understanding Head …
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Gross income includes the money, goods, services, and property you receive that must be reported on your tax return. It also includes unemployment benefits and some scholarships. Understanding Gross Income …
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The gasoline excise tax is a built-in tax you pay at the pump that helps fund roads, transportation systems, and other public projects related to fuel use. Understanding the Gasoline …
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A foster child is a child placed in your care by a licensed agency or court, and eligible foster children may qualify you for valuable tax benefits. Understanding What “Foster …
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Form W-4 tells your employer how much federal income tax to withhold from your paycheck. Understanding What Form W-4 Really Does Form W-4, officially called the Employee’s Withholding Allowance Certificate, …
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The formal tax legislation process is the structured, step-by-step system used to create, debate, and enact tax laws in the United States. The Path a Tax Law Takes From Idea …
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A flat tax is a type of proportional tax where everyone pays the same tax rate, regardless of income level. Understanding What a Flat Tax Really Is When people talk …
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Financial records include documents that track your income and spending—such as pay stubs, receipts, bank statements, and records of tips or bonuses—so you can file taxes accurately and manage your …
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Filing status determines how your income is taxed and which tax rates, deductions, and credits apply to you. Understanding Filing Status When you file your tax return each year, one …
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