Do you have to pay capital gains taxes on an inheritance?
If I work an internship in another state how do I go about paying state income tax?
What are the disadvantages of a flat tax?
What does the term buying back taxes mean?
What is the average property tax deductible on federal tax in Arizona?
What is the federal income tax rate for a severance package?
What states have no income tax?
Or are tips classified as deductions?
Tips are taxed as income. Your employer is supposed to give you a form with the expected number. There's a space on the IRS form for underreported tips.
They are certainly not deductions, they are income. Your tips will be taxed at your normal(ordinary) income tax bracket(ex. 10% bracket = roughly %10 tax).
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