Personal Income Tax (PIT) is also known as individual income tax and is a tax on earnings by employees. The IRS defines earned income as money earned as a farm or business owner or as an employee.
This includes wages, salaries, tips, union strike benefits, disability retirement benefits received prior to retirement age, and net earnings from self-employment. The most common tax forms used for PIC include Form W-2 and Form 1095-C.
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