W-2 → Wages, salaries, tips

Most married taxpayers file jointly (MFJ) thinking it’s always the best route. But here’s something most don’t pause to re-check during tax prep season: 📌 If you’re supporting your elderly parent, and your income hits certain thresholds… ➡️ 𝗛𝗲𝗮𝗱 𝗼𝗳 𝗛𝗼𝘂𝘀𝗲𝗵𝗼𝗹𝗱 (𝗛𝗢𝗛) 𝗺𝗶𝗴𝗵𝘁 𝘀𝗮𝘃𝗲 𝘆𝗼𝘂 𝗺𝗼𝗿𝗲 𝘁𝗵𝗮𝗻 𝗠𝗙𝗝 𝘄𝗼𝘂𝗹𝗱. 𝗟𝗲𝘁 𝗺𝗲 𝗯𝗿𝗲𝗮𝗸 𝗶𝘁 𝗱𝗼𝘄𝗻: 📁…

US taxation occurs at three levels (Taxation Levels in the US) 1.    Federal Taxation (Central Government) o   Applies to all individuals and businesses in the US. o   Types: Income Tax, Corporate Tax, Payroll Tax, Excise Tax. o   Example: IRS collects income tax based on earnings. 2.    State Taxation o   Applied by individual states. o   Types: State Income Tax, Sales Tax, State Corporate…

orm W-2 is an IRS tax form that employers must provide to employees each year. It reports the employee’s annual wages and the taxes withheld from their paycheck . 🔍 Key Points 1️⃣ Who issues it? • Employers send it to both the employee and the IRS. 2️⃣ Who receives it? • All employees (not…