The top 10% of households would see a gain of about $12,000, or about 2.3% of income, mostly because of tax cuts. Medora Lee is a money, markets, and personal finance reporter at USA TODAY.

Bill S. 129, or the No Tax on Tips Act, creates a federal income tax deduction of up to $25,000 a year for certain types of cash tips for eligible employees.Sen. Ted Cruz (R-Texas) introduced the ...

The 1,100-page bill, which squeaked through the House on Thursday by a single vote, will now go to the Senate, where more changes are likely.Here's what to know about the provisions as they now stand ...

If either the No Tax on Tips Act or the Big Beautiful Bill become law, they'd apply to 2025 income when workers file their tax returns in 2026. No taxes on tips from the Big Beautiful Bill would ...

It’s important to note that the tips exemption applies only to the federal income tax. Workers would still owe payroll taxes, like the 6.2 percent Social Security tax, on their tipped income.

Calculating the precise amount you owe to the IRS takes some time. How much varies depending on where you live and work. Here's how income tax works.

Yes, tax relief services are worth it (and why) Many tax debts can be resolved quickly and easily with the IRS. For example, if the IRS has levied penalties on your overdue taxes, you may be able ...

If you get a $1,000 tax deduction, you only save the amount of the deduction multiplied by your marginal tax rate. For example, if your marginal rate is 22%, a $1,000 deduction saves you $222.

The kiddie tax is a tax imposed on individuals under 18 or 24 years of age whose unearned income surpasses an annually determined threshold.