Tax Students: The fun things to know about taxes￼
Have more fun and be a more knowledgeable person by knowing the fun things about taxes here at Tax Students. The fun things you need to know about taxes with complete descriptions are:
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The original and most famous of the Doctor Who stories. First broadcast in 1963, this serial sees the first appearance of the Daleks.
An itemized deduction is a deduction that is taken into account on your tax return.
is a deduction that is taken into account on your tax return. An adjusted gross income (AGI) is the total of all of your income, before any deductions.
is the total of all of your income, before any deductions. Capital gains and losses are the difference between the fair market value of an asset when you sold it and the price you paid for it.
and are the difference between the fair market value of an asset when you sold it and the price you paid for it. Mortgage interest is the interest you paid on your mortgage.
is the interest you paid on your mortgage. Taxes are the total amount of taxes you paid.
is the total amount of taxes you paid. Taxes on other income are the total amount of taxes you paid on income you didn’t report on your tax return.
are the total amount of taxes you paid on income you didn’t report on your tax return. Self-employment taxes are taxes you paid on your business.
are taxes you paid on your business. State income taxes are taxes you paid on income you earned in your state of residence.
Tax rates vary by income level and state.
There are no income tax withholding amounts set in stone for any given year.
The IRS has not set out a schedule of withholding amounts for any given year.
Tax rates are adjusted every year by Congress.
The IRS does not charge an extra fee to pay taxes on time.
The tax code is complex.
Income tax withholding amounts vary by income level and state. For instance, if you are single and earning $50,000 a year, you will have to pay $10,000 in federal taxes, $5,000 in state taxes, and $2,000 in local taxes. If you are married and earning $100,000 a year, you will have to pay $20,000 in federal taxes, $10,000 in state taxes, and $2,000 in local taxes. The rates are the same, but the amount of tax you pay depends on your income level. If you earn more, you pay more in taxes.
Withholding amounts are also adjusted every year by Congress. In 2001, the tax rates were higher than in any year before or since. In 2011, the tax rates are higher than they were in 2001.