Do Teachers Pay Social Security?

Whether a teacher pays into Social Security depends on state rules. Understand how this affects retirement benefits from both a teaching pension and other jobs.

What Is the Ordinary Income Tax Rate?

Explore how the U.S. progressive tax system works, applying different rates to portions of your income to determine your overall tax obligation.

How the Clergy Housing Allowance Works

Properly administering the clergy housing allowance requires understanding its specific rules for designation, calculation, and its dual tax treatment.

IRS 4972: Tax on Lump-Sum Distributions

For individuals born before 1936, Form 4972 provides a special method to calculate tax on lump-sum distributions, separate from ordinary income rates.

What Is an IRS Profit and Loss Statement?

Understand how your business’s tax return functions as its profit and loss statement and how to accurately translate your financial data for IRS reporting.

Can the IRS Seize Jointly Owned Property?

When one owner owes taxes, jointly held property can be at risk. Explore how federal law defines the IRS’s authority over shared assets and a co-owner’s rights.