Income tax is charged on most types of income but tax allowances protect some from the taxman. If you earn money from a job, you will have to pay tax once you breach the tax-free allowance. If you get ...

Effective tax rate is your average tax rate as a percentage of total income. Marginal tax rate is the tax on your highest dollar earned, not your total income. Historically, top marginal rates have ...

After decades of working and contributing to the Social Security system, many retirees assume that the benefits they've earned are exempt from federal income tax — but unfortunately, that's not always ...