This means that employers withhold money from employee earnings to pay for taxes. ![]() These forms report the annual salary paid during a specific tax year and the payroll taxes that were withheld. W-2 employees are workers that get W-2 tax forms from their employers. Taxpayers can lower their tax burden and the amount of taxes they owe by claiming deductions and credits. ![]() are calculated based on tax rates that range from 10% to 37%. In addition to this, most people pay taxes throughout the year in the form of payroll taxes that are withheld from their paychecks. Nearly all working Americans are required to file a tax return with the IRS each year. ![]() The federal personal income tax that is administered by the Internal Revenue Service (IRS) is the largest source of revenue for the U.S. The Federal Income Tax: How Are You Taxed? Photo credit: ©/Veni
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