Where Do My Taxes Go?
Tax Day has come and gone this year. Just because it’s gone, doesn’t mean taxes are still not on people’s minds, especially when taxpayers have to pay into the IRS and don’t receive a refund. Whether you are a disgruntled or curious taxpayer, we’re here to answer: “Where are my tax dollars going?”
Long story short, It was prepared by the Committee for a Responsible Federal Budget (CRFB), a nonpartisan nonprofit group in Washington that monitors federal spending.
Looking at the graphic, you can see half of all spending goes for Social Security benefits and Medicare, while another 20% is for defense and military benefits. Fringe expenses include education, food stamps, refundable credits, transportation, and SSI.
Check out the breakdown here:
Source: Wall Street Journal
What triggers the IRS to audit a tax return? Learn how common tax mistakes and errors can be a red flag and affect your chances of IRS issues.
Find the current percentages for federal income tax rates, capital gains tax rates, Social Security tax rates and more from the tax experts at H&R Block.
The key to understanding your w-2 form is decoding the boxes and numbers. Learn how to read your w-2 form with this box-by-box infographic from H&R Block.
The tax experts at H&R Block outline how students and parents can file Form 8863 and document qualified expenses. Read about Form 8863 here.