Filing status refers to the category that determines the tax rates and requirements that apply to an individual when filing their income tax return. It is based on marital status, household structure, and financial responsibilities. Common statuses include Single, Married Filing Jointly or Head of Household. Your filing status impacts your tax brackets, standard deduction, and eligibility for certain credits.
The total amount of money you earn in a year from all sources before taxes are taken out. This includes your salary, wages, tips, bonuses, self-employment earnings, and other income like investments.