1) Knowledge of tax laws can help you conserve your : 1981140
1) Knowledge of tax laws can help you conserve your income.
2) Knowledge of individual income taxes is crucial to sound financial planning.
3) Taxpayers can have more than the minimum amount of required income tax withheld from each pay.
4) Your gross wages are subject to FICA (Federal Insurance Contributions Act) taxes that fund the Social Security system and Medicare.
5) There is no Social Security tax on income beyond a certain level.
6) Medicare is a government health insurance program that covers people over age 55 and provides payments to health care providers in case of illness.
7) Medicare taxes are 1.45% of your salary, regardless of the salary amount.
8) Employers have an option of whether or not to match an employee's Social Security and Medicare taxes.
9) Students and other taxpayers earning less than $100,000 a year with no dependents are eligible to file the simplest tax return, which is the 1040E-Z.
10) The Tax Relief Act of 2001 provided educational incentives to a broad range of taxpayers and reduced contribution limits to retirement plans.