Tax Basics
This government agency is responsible for collecting federal taxes in the U.S.
What is the IRS?
This standard amount reduces the income on which you are taxed.
What is the standard deduction?
People who work for themselves must pay this type of tax in addition to income tax.
What is self-employment tax?
Georgia offers a tax exclusion on up to this amount of retirement income for individuals aged 65 and older.
What is $65,000?
This flat income tax rate was implemented in Georgia for the 2024 tax year.
What is 5.39%?
This is the deadline for filing individual income tax returns in the U.S., unless extended.
What is April 15?
This type of expense, such as mortgage interest or charitable giving, may reduce taxable income if you itemize.
What is an itemized deduction?
This form is used to report non-employee compensation.
What is Form 1099-NEC?
This is the additional standard deduction amount Georgia provides for taxpayers aged 65 and older.
What is $1300?
As of January 1, 2025, Georgia's income tax rate was reduced to this percentage.
What is 5.19%?
The form most commonly used by U.S. taxpayers to file their individual income taxes.
What is Form 1040?
This credit helps offset the cost of childcare for working parents.
What is the Child and Dependent Care Credit?
Businesses can depreciate these long-term assets over time.
What are capital assets (or property, plant, and equipment)?
This type of income is exempt from Georgia state income tax, regardless of age.
What is Social Security income?
This is the targeted income tax rate Georgia aims to reach by 2029.
What is 4.99%?
This type of tax is taken directly out of your paycheck for Social Security and Medicare.
What is FICA?
This education-related tax benefit allows for a credit of up to $2,500 for tuition and fees.
What is the American Opportunity Credit?
Quarterly estimated taxes must be paid by this type of worker.
Who is a freelancer or self-employed individual?
This type of income is partially exempt from Georgia state income tax for individuals aged 62 to 64.
What is retirement income?
This bill, signed into law by Governor Brian Kemp, accelerated Georgia's income tax cut to 5.19% in 2025.
What is HB 111?
This term refers to the percentage of income that is paid in taxes.
What is the tax rate?
Unlike deductions, this directly reduces the amount of tax you owe.
What is a tax credit?
This tax document is filed annually to report profit or loss from a sole proprietorship.
What is Schedule C?
This is the maximum amount of retirement income that individuals aged 62 to 64 can exclude from Georgia state income tax.
What is $35,000?
This is the estimated total amount Georgia taxpayers are expected to save annually by 2029 due to the income tax rate reductions.
What is $3 billion?