Skip to main content
Updating results

Income Tax

  • Updated

Revenues flowing into state coffers surged in the fiscal year that ended June 30, spurred largely by an influx of federal funds, the delayed deadline for filing income tax returns last year and an economic recovery.

  • Updated

IntroLend

A summer job is a great way for students to earn some extra money while building a resume for the future and learning new things about the working world. Typically, one of the hardest lessons for students to deal with is income tax. Working students may say, "Why is so much of my paycheck withheld? And who is this FICA dude?"

Welcome, students, to income taxes and how they affect the working world that you have joined. There are two main taxes on your earnings:

  • Federal Income Taxes – These provide income for operations and services of the federal government.
  • Payroll Taxes – These are taxes that fund Social Security and Medicare under the Federal Insurance Contribution Act (the "FICA dude" referenced above). The taxes you pay in go toward covering the eventual services you require. You pay half of this tax obligation (the withheld amount) and your employer kicks in the other...

Get Ready For Tax Season!

IRS Tips For Charitable Deductions

It's STILL Not Too Late To Lower Your Tax Bill

Q: I have a question about a letter I received from my county assessor’s office. I live in Maricopa County, Arizona. The form asks how many people live in our home and what we’re doing with the home. The form also states that if we don’t respond, they will fine us.

  • Updated

Illinois has a nearly $4.9 billion backlog of unpaid bills and $141 billion in unfunded pension liabilities, plus another $4.3 billion in short-term debt. That includes $3.2 billion Illinois borrowed from a special Federal Reserve program to help shore up its past two budgets during the pandemic, money that must be paid back within three years.

  • Updated

TRUMP on his taxes: "They keep talking about $750, which I think is a filing fee. ... Tens of millions of dollars (in income taxes) I prepaid.…

Get up-to-the-minute news sent straight to your device.

Topics

News Alerts

Breaking News