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The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Pub. L. Tooltip Public Law (United States) 111–312 (text), H.R. 4853, 124 Stat. 3296, enacted December 17, 2010), also known as the 2010 Tax Relief Act, was passed by the United States Congress on December 16, 2010, and signed into law by President Barack Obama on December 17, 2010.
The Act included $300 billion in unemployment benefits that were scheduled to extend through Labor Day 2021, as well as an expanded child tax credit. In addition, the Act called for the distribution of $50 billion to small businesses and another $25 billion for relief for small and mid-sized restaurants.
The Federal Unemployment Tax Act (or FUTA, I.R.C. ch. 23) is a United States federal law that imposes a federal employer tax used to help fund state workforce agencies. Employers report this tax by filing Internal Revenue Service Form 940 annually.
Extended unemployment benefits provided much-needed relief to 40 million people in 2020, according to Century Foundation statistics. But now millions of Americans are facing surprise tax bills ...
The IRS recently announced that it will start to automatically correct tax returns for those that filed for unemployment in 2020 and also qualify for the $10,200 tax break, Forbes reported.
The reason has to do with a provision in the American Rescue Plan Act that waived federal tax on up to $10,200 of unemployment benefits collected in 2020, CNBC reported.
The Middle Class Tax Relief and Job Creation Act of 2012 ( Pub. L. 112–96 (text) (PDF), H.R. 3630, 126 Stat. 156, enacted February 22, 2012 ), also known as the " payroll tax cut", was an Act of the United States Congress. The bill was passed by the U.S. House of Representatives on February 17, 2012 by a vote of 293‑132, and by the Senate ...
The American Rescue Plan made it so that up to $10,200 ($20,400 for married couples filing jointly) of unemployment benefit received in 2020 are tax exempt from federal income tax.
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