
Articles
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1 week ago |
bankrate.com | Anna-Louise Jackson |Andrea Coombes
You won’t see the term “OASDI tax” mentioned as frequently as the many other types of taxes you regularly pay — but whether or not you realize it, you’re paying this tax with every single paycheck you receive. OASDI, short for Old-Age, Survivors, and Disability Insurance, is more commonly known as Social Security. OASDI tax is collected from workers’ paychecks to fund the Social Security program run by the Social Security Administration. Self-employed people also must pay this tax.
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1 week ago |
bankrate.com | Mallika Mitra |Andrea Coombes
When you think of tax rates, your mind may jump to the progressive income tax system the U.S. government uses, in which your income tax rate varies based on tax brackets and how much money you earn. In contrast, in a flat-rate income tax system everyone pays the same tax rate no matter their income.
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1 week ago |
bankrate.com | Anna-Louise Jackson |Andrea Coombes
If you own rental property, you’ll need to file a Schedule E tax form with the IRS to report rental income income or losses. Schedule E is filed along with your Form 1040 individual income tax return.
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1 week ago |
bankrate.com | Rebecca Rosenberg |Andrea Coombes
Modified adjusted gross income, or MAGI, might sound like just more tax jargon, but knowing how to calculate your MAGI is key to determining your eligibility for several valuable tax benefits, including whether you can make Roth IRA contributions, claim education tax credits and more. The MAGI calculation starts with your adjusted gross income (AGI), and then you add back certain deductions or exclusions. Here’s how MAGI works and how to calculate it. What is modified adjusted gross income (MAGI)?
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3 weeks ago |
bankrate.com | Kemberley Washington |Andrea Coombes
A boost to the child tax credit could increase tax refunds for millions of taxpayers this coming tax season, with parents who have children under 17 potentially enjoying a credit worth up to $2,500 per child, up from $2,000 currently, if a proposed Republican bill becomes law. But the increase would be temporary, starting this year and ending in 2028, at which point the tax credit would revert back to a maximum of $2,000 (that amount would increase with inflation each year).
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