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Form 1040 Tax Table online Washington: What You Should Know
This income bracket is based on “Taxable” income. Tax credits and deductions are not factored into this income bracket. A non-refundable tax credit reduces the 1040 EZ/EZ-EZ filing requirement by 50% of the amount of the credit, but the reduced amount is not actually paid to you until the balance is paid. The 1040 tax brackets are used to reduce the federal tax burden. The IRS does not tax investment income on Schedule A as a dividend and therefore the dividend paid on the dividends paid from tax-exempt (or non-taxable) mutual funds paid in cash. Some taxable income will be taxed at a higher rate to compensate for the tax on the capital gain. See more about this in Tax Basics. See an explanation of the 1040EZ on the IRS website: here Tax Forms — Washington State Department of Revenue The state of Washington collects income taxes on wages, salaries and tips paid to employees, as well as income tax on dividends received. This tax, known as an Employer's Incentive Pay tax, is withheld by the employer from an employee's pay for the amount withheld as an incentive to earn and maintain a certain income. If the employee pays now or no taxes on income, he or she receives the benefit of the Incentive Pay tax deduction. The amount withheld is then taxed. In addition to wage, salary and tip income, there is also gross income for state and local income tax purposes. These types of income include income from business ventures, dividends and royalty payments, interest and rents from capital, pensions and annuities, rental income from single-family residences and rental and leasing earnings from rental properties. See more about gross income in State and Local Tax. The employer may use the wage and gross income rules discussed above to calculate the amount and frequency in which the employee must give him written notice of the withholding of the Employer's Incentive Pay tax. Employees who are required to notify the employer of his withholding must follow instructions in section 4 of the EZ-08 (Employee Handbook) or section 4C-110 of the IRS Publication 15, which tells them what to do. The Department of Revenue will send out a notice if the employer does not pay the withholding due as it should. See our information sheet About Notifying Your Employer of the Employer's Incentive Pay Payment.
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