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2. Standard deduction - Wikipedia

   en.wikipedia.org/wiki/Standard_deduction

   Standard deduction. Under United States tax law, the standard deduction is a dollar amount that non- itemizers may subtract from their income before income tax (but not other kinds of tax, such as payroll tax) is applied. Taxpayers may choose either itemized deductions or the standard deduction, [ 1] but usually choose whichever results in the ...

3. Retirees 65 and Older Eligible for Extra Standard Deduction ...

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   The standard deduction amounts for 2023 are $27,700 if you’re married filing jointly (an increase of $1,800 from 2022), $20,800 for heads of households (a $1,400 gain) and $13,850 for single ...

4. What Is the 1040 and What’s the Difference Between the 1040 ...

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   Line 10a/10b/10c: This is where you enter income adjustments from Schedule 1, line 22 (10a) and your allowable charitable contributions, if you’re taking the standard deduction (10b). Add lines ...

5. Why More People Are Opting for the Standard Deduction in 2023

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   The number of filers who itemized dropped from 46.5 million in 2017 to 18 million in 2018 as 90% of taxpayers opted for the newer, bigger, better standard deduction. The Standard Deduction Doesn ...

6. IRS tax forms - Wikipedia

   en.wikipedia.org/wiki/IRS_tax_forms

   1040. As of the 2018 tax year, Form 1040, U.S. Individual Income Tax Return, is the only form used for personal (individual) federal income tax returns filed with the IRS. In prior years, it had been one of three forms (1040 [the "Long Form"], 1040A [the "Short Form"] and 1040EZ - see below for explanations of each) used for such returns.

7. Social Security Wage Base - Wikipedia

   en.wikipedia.org/wiki/Social_Security_Wage_Base

   In 2020, the Social Security Wage Base was $137,700 and in 2021 was $142,800; the Social Security tax rate was 6.20% paid by the employee and 6.20% paid by the employer. [1] [2] A person with $10,000 of gross income had $620.00 withheld as Social Security tax from his check and the employer sent an additional $620.00. A person with $130,000 of ...