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Income Tax. Overview Income Tax is a tax you pay on your income. If you had income from other sources in addition to your Social Security benefits, it is possible that a portion of your benefits may be taxable.
In general, your Social Security income will only be taxed if your combined income from all sources is more than a base amount determined by your filing status. Find out if your Social Security income may be taxable. All tips that you receive on the job for restaurant work, babysitting, delivery or valet services, etc. Non-cash tips in the form of gifts, tickets to sporting events, or other items of value are generally subject to federal income tax.
You must report cash, check, or credit card tips to your employer so they can withhold Social Security, Medicare, retirement tax, or any other applicable taxes from your total tips. Learn more in Publication Reporting Tip Income. Unemployment benefits must generally be included on your federal and state income tax returns as taxable income. Unemployment income includes any money and the value of any other assistance received under the unemployment laws of the United States or of a particular state.
This also includes disability benefits. The government will send you a Form G showing the total amount they paid you. Learn more about unemployment income and taxes. There are many other kinds of taxable income. Your gross income generally includes income from all sources, in whatever form it takes. Below are other kinds of generally taxable income Note: this list is thorough but not comprehensive; there are other kinds of taxable income out there :. Some income may be taxable under certain circumstances, but not taxable in other situations.
Examples of items that may or may not be included in your taxable income are:. If you do not itemize deductions, you may subtract the standard deduction from your taxable income when you prepare your tax return. Learn more about taxable and nontaxable income in Publication - Taxable and Nontaxable Income. Get more information about non-taxable income. Use our free Tax Calculator to estimate your taxes. Get Your Tax Refund Date. What is DocuClix? Security About eFile.
Where Is My Refund? How to Check Refund Status efile. Feel confident doing your own taxes. Just answer simple questions about your life, and TurboTax Free Edition will take care of the rest. For Simple Tax Returns Only. What Is Taxable Income? What Are Inheritance Taxes? Is Social Security Disability Taxable? Estimate your tax refund and where you stand Get started. See if you qualify for a third stimulus check and how much you can expect Get started. Easily calculate your tax rate to make smart financial decisions Get started.
Estimate your self-employment tax and eliminate any surprises Get started. Know what dependents credits and deductions you can claim Get started. Know what tax documents you'll need upfront Get started. Learn what education credits and deductions you qualify for and claim them on your tax return Get started. The above article is intended to provide generalized financial information designed to educate a broad segment of the public; it does not give personalized tax, investment, legal, or other business and professional advice.
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