Introduction to the Federal Tax System
Basic Standard Deduction
Filing Status 2023 2024 2025 Single $13,850 $14,600 $15,000 Married, Filing Jointly $27,700 $29,200 $30,000 Married, Filing Separately $13,850 $14,600 $15,000 Surviving Spouse $27,700 $29,200 $30,000 Head of Household $20,800 $21,900 $22,500 ...
When is Income Taxable?
For Individual Income Taxpayers: For individual income taxpayers, income is taxable when received, even if it is not cashed or used right away. Even if it’s paid to someone else on your behalf, it is considered your income. Businesses who use the ...
What is Taxable Income?
What income is considered taxable income? Most income is considered taxable unless it is specifically exempted by law. Income may be money, property, goods and/or services. Even if you do not receive a form reporting income, it should be included in ...
Tax Formula for Individuals
To learn more about a corresponding topic, click on the article link in the references. Income $ xx,xxx Less: Exclusions (x,xxx) = Gross Income $ xx,xxx Less: Deductions for adjusted gross income (x,xxx) = Adjusted Gross Income $ xx,xxx Less: the ...