Form 1040, officially, the U.S. Individual Income Tax Return, is an IRS tax form used for personal federal income tax returns filed by United States residents. The form calculates the total taxable income of the taxpayer and determines how much is to be paid to or refunded by the government.
The United States has separate federal, state, and local governments with taxes imposed at each of these levels. Taxes are levied on income, payroll, property, sales, capital gains, dividends, imports, estates and gifts, as well as various fees. In 2020, taxes collected by federal, state, and local governments amounted to 25.5% of GDP, below the OECD average of 33.5% of GDP.
The United States has a highly developed mixed economy. It is the world's largest economy by nominal GDP and second largest by purchasing power parity (PPP). As of 2024, it has the world's sixth highest nominal GDP per capita and eighth highest GDP per capita by PPP). The U.S. accounted for 26% of the global economy in 2023 in nominal terms, and about 15.5% in PPP terms. The U.S. dollar is the currency of record most used in international transactions and is the world's reserve currency, backed by a large U.S. treasuries market, its role as the reference standard for the petrodollar system, and its linked eurodollar. Several countries use it as their official currency and in others it is the de facto currency. Since the end of World War II, the economy has achieved relatively steady growth, low unemployment and inflation, and rapid advances in technology.
The United States is the third most populous country in the world, and the most populous in the Americas and the Western Hemisphere, with an estimated population of 340,110,988 on July 1, 2024, according to the U.S. Census Bureau. This was an increase of 2.6% over the 2020 federal census of 331,449,281 residents. These figures include the 50 states and the federal capital, Washington, D.C., but exclude the 3.6 million residents of five unincorporated U.S. territories as well as several minor uninhabited island possessions. The Census Bureau showed a population increase of 0.4% for the twelve-month period ending in July 2022, below the world estimated annual rate of 1.03%, in 2021. The total fertility rate (TFR) is around 1.84 children per woman as of 2024, which is below the replacement fertility rate of approximately 2.1. By several metrics, including racial and ethnic background, religious affiliation, and percentage of rural and urban divide, the state of Illinois is the most representative of the larger demography of the United States.
Buffalo County is a county in the U.S. state of South Dakota. As of the 2020 census, the population was 1,948. Its county seat is Gann Valley which, at 10 people, is the least populous county seat in the United States. The county was created in 1864, and was organized in 1871 as part of the Dakota Territory.
Hampton County is a rural county located in the U.S. state of South Carolina. As of the 2020 census, the population was 18,561. Its county seat is Hampton. It was named for Confederate Civil War general Wade Hampton, who in the late 1870s, with the ending of Reconstruction, was elected as governor of South Carolina.
Chester County is a county located in the U.S. state of South Carolina. As of the 2020 census, its population was 32,294. Its county seat is Chester.
Berkeley County is a county in the U.S. state of South Carolina. As of the 2020 census, its population was 229,861. Its county seat is Moncks Corner, and the largest community is Goose Creek. After two previous incarnations of Berkeley County, the current county was created in 1882. Berkeley County is included in the Charleston-North Charleston, SC Metropolitan Statistical Area.
The United States federal government and most state governments impose an income tax. They are determined by applying a tax rate, which may increase as income increases, to taxable income, which is the total income less allowable deductions. Income is broadly defined. Individuals and corporations are directly taxable, and estates and trusts may be taxable on undistributed income. Partnerships are not taxed, but their partners are taxed on their shares of partnership income. Residents and citizens are taxed on worldwide income, while nonresidents are taxed only on income within the jurisdiction. Several types of credits reduce tax, and some types of credits may exceed tax before credits. Most business expenses are deductible. Individuals may deduct certain personal expenses, including home mortgage interest, state taxes, contributions to charity, and some other items. Some deductions are subject to limits, and an Alternative Minimum Tax (AMT) applies at the federal and some state levels.
Household income is an economic standard that can be applied to one household, or aggregated across a large group such as a county, city, or the whole country. It is commonly used by the United States government and private institutions to describe a household's economic status or to track economic trends in the US.
The homeownership rate in the United States is the percentage of homes that are owned by their occupants. In 2009, it remained similar to that in some other post-industrial nations with 67.4% of all occupied housing units being occupied by the unit's owner. Homeownership rates vary depending on demographic characteristics of households such as ethnicity, race, type of household as well as location and type of settlement. In 2018, homeownership dropped to a lower rate than it was in 1994, with a rate of 64.2%.
Personal income is an individual's total earnings from wages, investment interest, and other sources. The Bureau of Labor Statistics reported a median weekly personal income of $1,139 for full-time workers in the United States in Q1 2024. For the year 2022, the U.S. Census Bureau estimates that the median annual earnings for all workers was $47,960; and more specifically estimates that median annual earnings for those who worked full-time, year round, was $60,070.
Affluence refers to an individual's or household's economical and financial advantage in comparison to others. It may be assessed through either income or wealth.
A rate schedule is a chart that helps United States taxpayers determine their federal income tax for a particular year. Another name for "rate schedule" is "rate table".
The inequality of wealth has substantially increased in the United States in recent decades. Wealth commonly includes the values of any homes, automobiles, personal valuables, businesses, savings, and investments, as well as any associated debts.
This is a table of the total federal tax revenue by state, federal district, and territory collected by the U.S. Internal Revenue Service.
In the United States, poverty has both social and political implications. In 2020, there were 37.9 million people in poverty. Some of the many causes include income, inequality, inflation, unemployment, debt traps and poor education. The majority of adults living in poverty are employed and have at least a high school education. Although the US is a relatively wealthy country by international standards, it has a persistently high poverty rate compared to other developed countries due in part to a less generous welfare system.
The alternative minimum tax (AMT) is a tax imposed by the United States federal government in addition to the regular income tax for certain individuals, estates, and trusts. As of tax year 2018, the AMT raises about $5.2 billion, or 0.4% of all federal income tax revenue, affecting 0.1% of taxpayers, mostly in the upper income ranges.
Statistics of Income (SOI) is a program and associated division of the Internal Revenue Service (IRS) in the United States to make statistics collected from income tax returns and information returns available to other government agencies and the general public. It fulfills an IRS function mandated by the Revenue Act of 1916.
