Next year, most Americans will not pay federal taxes: how is this possible - ForumDaily
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Most Americans Will Not Pay Federal Taxes Next Year: How Is This Possible

If your income drops below $ 75 in 000, chances are you won't be paying federal income tax on it. The publication told about this in more detail. CNBC.

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On average, taxpayers in this category will have no tax liability after accounting for deductions and credits when filing their 2021 tax return next spring, according to recent estimates.

Even for taxpayers who earned between $ 75 and $ 000 in 100, the average income tax rate paid will be 000%.

For 2021, the standard deduction for individual tax filers is $ 12; for married couples applying together, it is $ 550.

On the subject: How much will you get your hands on after deducting taxes from your salary $ 100 thousand in each state

While zero tax billing is not a new phenomenon, it could become more common this year due to various temporary changes to the tax code, according to Elaine Maag, chief fellow at the Urban-Brookings Tax Policy Center.

In addition to quarantine financial aid payments of up to $ 1 per adult and dependent, several tax breaks have been expanded. These include the Earned Income Tax Credit and the Child Tax Credit. Both loans are considered valuable given that they are repayable. This means that even if your tax bill is zero, you can still receive a refund of some or all of the credits.

Congressional forecasts do not mean that everyone who earns less than $ 75 will not pay taxes.

“There are a lot of people in this income group who will pay taxes,” Maag said.

For example, if you earn money from a job, you pay Social Security and Medicare taxes. These so-called payroll taxes are equal to the 7,65% that your employer withholds from your paycheck (and contributes the same amount—7,65%—to these programs on your behalf).

If you are self-employed, you pay both shares yourself, or 15,3% (although you can deduct half of that amount on your tax return).

According to the latest data from Statista, about 53% of Americans had an annual household income of less than $ 75 in 000. According to the Federal Reserve Bank of St. Louis, the median household income in the United States that year was about $ 2019.

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"The group that doesn't pay federal income tax in any given year tends to be children, as well as older adults, who may not have income on which they pay tax," Maag said.

The new extended benefits, which include 17-year-olds for the first time, are income-based and will be phased out for individuals earning more than $ 75 a year or $ 000 for those who are married and jointly filing. The loan will be reduced by $ 150 for each additional $ 000 in adjusted gross income. This means that the $ 50 loan given to parents of children aged 1 to 000 will be completely discontinued for those earning $ 3 and those who earn $ 000 and filing together. An additional $ 6 is charged for children under 17.

The Earned Income Tax Credit for childless workers has been expanded by increasing the maximum credit in 2021 from $ 543 to $ 1, according to the Tax Fund. The discount will be realized when taxpayers file their 502 tax returns in the spring of 2021.

The bill, among other things, raises the income level (to $9 from $820) at which the Earned Income Tax Credit reaches its maximum. The age for obtaining a loan has also changed this year: the minimum is 4 years old instead of 220, and the maximum 19 years old will be abolished.

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