CDAE 158 Lecture Notes - Lecture 5: Filing Status, Alimony, Federal Insurance Contributions Act Tax
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13 Sep 2018
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About of each dollar you earn goes to pay taxes. Tax freedom day is in late april and represents the portion of the year that people had to work to pay their taxes for the year. Know the current tax laws and regulations that affect you. Make purchase and investment decisions that can reduce your tax liability. Target your tax planning efforts toward paying your fair share of taxes while taking advantage of tax benefits. Earned income includes wages, salary, commissions, fees, tips or bonuses. Investment income money from dividends, interest, or rent from investments. Passive income from business activities in which you do not actively participate, such as a limited partnership. Other income includes alimony, awards, lottery, winnings. Exclusions: amounts not included in gross income, for example, a portion of foreign earned income. Exclusions can also be tax-exempt income, which is income not subject to federal income tax, for example, interest earned on most state and city bonds.
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