Tag

Incometax

All articles tagged with #incometax

finance-and-business2 years ago•3 min saved

"Georgia Welcomes 2024 with Tax Cuts and Fresh Laws"

In 2024, at least 12 states in the U.S., predominantly with Republican leadership, are implementing tax cuts to lower income tax rates for residents. Arkansas, Connecticut, Georgia, Indiana, Iowa, Mississippi, Montana, Nebraska, New Hampshire, North Carolina, Ohio, and South Carolina are among the states reducing their tax rates, with some moving towards a flat tax system. These changes are part of broader tax reforms aimed at providing financial relief amidst ongoing inflation, with varying thresholds and rates depending on the state.

via Fox Business|

##finance-and-business #incometax

finance-and-business2 years ago•1 min saved

"Alabama Rings in 2024 with New Overtime Tax Exemption Law"

Starting January 1st, Alabama's new Overtime Tax Exemption Law exempts hourly employees from state income tax on overtime wages. Introduced by House minority leader Anthony Daniels, the law aims to alleviate the financial burden on workers amid inflation and rising costs, allowing them to retain more of their earnings. Employers will need to adjust their reporting to the Department of Revenue to reflect this change. The law, which is unique in the state, received overwhelming support in the House and Senate but is set to sunset in 2025 unless renewed by lawmakers.

via WAFF|

##alabamaovertimetaxexemption #finance-and-business

finance-and-taxes2 years ago•2 min saved

"2024 Social Security Tax Changes: Higher Rates for High Earners and Impact on Taxpayers"

Social Security benefits are subject to income tax, with the amount owed depending on your "combined income," which includes your adjusted gross income, nontaxable interest, and half of your Social Security benefits. Up to 85% of benefits may be taxable for individuals with a combined income over $34,000 or couples over $44,000. Up to 50% may be taxable for individuals with combined incomes between $25,000 and $34,000 or couples between $32,000 and $44,000. The SSA-1099 form, sent by the Social Security Administration, assists in determining the taxable amount when filing federal tax returns.

via USA TODAY|

##finance-and-taxes #incometax

finance-and-economy2 years ago•2 min saved

"Maximize Savings with 2024 IRS Tax Brackets and Last-Minute Deduction Strategies"

The IRS has updated the tax brackets for 2024 to reflect annual inflation adjustments, allowing taxpayers to potentially owe less despite earning more. The top tax rate remains at 37% for high-income earners, but thresholds for all brackets have increased. Standard deductions have also risen, with the aim of preventing inflation from pushing taxpayers into higher brackets without an actual increase in purchasing power.

via The Messenger|

##2024taxchanges #finance-and-economy