Filing Status - Individuals
In the U.S., taxation is not the same for everyone because individuals have different backgrounds, family situations, and dependents. It wouldn't be fair to treat everyone the same since their social status, spending habits, and responsibilities vary greatly. Therefore, tax policies need to consider these differences. Additionally, factors like the working environment, social security, and unemployment support in the U.S. are quite different from other countries, making it essential to tailor taxes according to an individual's status.
We have five different statuses for Individual tax payer in US taxation viz
1. Married Filing Jointly (MFJ)
2. Married Filing Single (MFS)
3. Head of Household (HOH)
4. Qualifying Widow(er) or Surviving spouse (QW/SS)
5. Single.
By CA L.Muralidharan and CPA L.Mukundan
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