Do Government Tax Tables Change Every Year?
The government tax tables change each year. Some aspects of the government tax tables will remain the same, such as where the income brackets are divided, but the amount of taxes due and credit amounts change each year. The government creates these tax tables to coincide with the information given to them from Congress. Most of the time the actual taxing rate does not change; the credits and discounts are the items that change each year. For example, last year the government needed to enter credits for purchasing a home, buying energy efficient appliances and cars and a few home improvement credits that were only available last year. This year there are different credits available to the public.
Will The government Tax Tables Show All Available Credits?
No. The government tax tables that is published will show income amount and taxes due and the second will show income amount and any unearned income due. For all other tax credits you will need to file the information in the proper spaces or find the additional tax forms necessary to claim the credit. It is advisable, if you have many credits to claim, that you enlist the services of tax preparation company or software so you can receive all the credits due.
Do The government Tax Tables Different For Different Forms?
It does not matter which form of taxes you file, 1040, 1040EZ, 1040A, 1099 etc., the taxes you pay will be based on one standard government tax table. The table will show income and taxes due for that corresponding income. The government does not care which form you are using for reporting your income: only that you report that income.