"No tax on tips" in Trump's so-called "One Big Beautiful Bill" starts in 2025 and expires in four years. It covers only the ...

The deduction on "no tax on overtime" starts phasing out for single taxpayers with modified adjusted gross income over $150,000 and above $300,000 for married couples filing a joint return.

Employers can choose one of two options when calculating taxes on your bonus. Here’s how bonuses are taxed, and how to lower ...

In our latest Ask the Editor round-up, Joy Taylor, The Kiplinger Tax Letter Editor, answers four questions on the OBBB and ...

Workers who receive overtime pay can deduct only the pay that exceeds their typical rate, saving an average of $1,440 ...

The rates are 0%, 15%, or 20% depending on your income level, which is generally lower than ordinary income tax rates. For 2025, the 20% rate applies to single filers above $533,401 and married ...

To calculate your effective tax rate, you'd divide your total tax bill ($11,828) by your taxable income ($100,000) for a figure of about 11.8% -- significantly lower than your marginal tax rate of ...

Tips and overtime could be exempted from federal income tax. Here’s what it would look like for Iowa Policies included as part of reconciliation bill being debated in Congress ...