Standard Deduction, Paid Federal Income Tax (FICA) , Fed'l Return Adj. $ Credits: All lessen Federal Tax Liability?

[VolvoGirl]

The Standard Deduction is subtracted from your income before the tax is calculated.  So yes it will reduce your tax a little.  

But FICA (W2 box 4 & 6) doesn’t affect your tax return.   If you have self employment 1099 income you pay/add FICA to the tax due.   There are several different credits.   Some will reduce your tax liability and some will also add to a refund you get.  

[xmasbaby0]

You do not get anything back in your refund for Social Security or Medicare tax that was withheld (unless your SS with over-withheld)

Your standard deduction lowers your taxable income. The standard deduction makes some of your income “tax free.”  It is not a refund.  You will see your standard or itemized deduction amount on line 12 of your 2023 Form 1040.

2023 STANDARD DEDUCTION AMOUNTS

SINGLE $13,850  (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $13,850  (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $27,700  (65+/legally blind) )  + $1500 per spouse

HEAD OF HOUSEHOLD  $20,800 (65 or older/blind)  + $1850)

2024 STANDARD DEDUCTION AMOUNTS

SINGLE $14,600    (65 or older/legally blind + $1850)

MARRIED FILING SEPARATELY $14,600    (65 or older/legally blind + $1500)

MARRIED FILING JOINTLY $29,200    (65 or older/legally blind + $1500)

HEAD OF HOUSEHOLD $21,900    (65 or older/legally blind + $1850)

[Terra]

Okay, thanks on the Standard Deduction details.  

What about Paid Federal Income Tax (FICA) , Fed'l Return 1040: Adj. & Credits: All lessen Federal Tax Liability; right?

[Terra]

Isn't FICA  W2 Fed'l Tax Withholding? 

This W2 Fed'l Tax Withholding lessens one's Fed'l Tax Liability; right? As does 1040 Credits and Adjustments too.

[VolvoGirl]

No.  FICA is not the same as withholding.  FICA is the Social Security & Medicare mandatory tax.  It is on your W2 in boxes 4&6.  You only get credit for federal income tax withholding in box 2 and box 17 for state withholding.