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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.
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)
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?
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.
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.
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