Search Results for keywords:"employer social security taxes"

Search Results: keywords:"employer social security taxes"

S. 129 — To amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on qualified tips through a deduction allowed to all individual taxpayers, and for other purposes.
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January 16, 2025
Status:Introduced in Senate
Congress:119
Words:1,292
S. 129, known as the "No Tax on Tips Act," proposes changes to the Internal Revenue Code of 1986 to allow individual taxpayers to deduct qualified tips from their taxable income. The bill defines "qualified tips" as cash tips earned in occupations that traditionally receive...
Simple Explanation
S. 129 is a bill that wants to make it so money earned from tips, like when someone leaves extra dollars at a restaurant, doesn't get taxed up to $25,000 each year. It also helps certain beauty businesses by giving them a break on certain taxes they pay for their employees' tip money.
H. R. 482 — To amend the Internal Revenue Code of 1986 to eliminate the application of the income tax on qualified tips through a deduction allowed to all individual taxpayers, and for other purposes.
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January 16, 2025
Status:Introduced in House
Congress:119
Words:1,272
H.R. 482 proposes changes to the Internal Revenue Code of 1986 by allowing individuals to deduct qualified tips from their income tax. This means that the bill seeks to eliminate income tax on tips up to $25,000 received in jobs where tipping is customary. The bill also...
Simple Explanation
H.R. 482 is a bill that wants to make it so workers don't have to pay taxes on their tips up to $25,000 each year, and it also wants to help businesses like hair salons and nail shops by giving them some money back for the taxes they pay on their workers' tips.

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