The structure of your business determines what business taxes you must pay and how you pay them. Scammers try to take your money or your personal information. Calling the IRS at 1-800-829-1040 (Wait times to speak to a representative may be long.) We offer tax information for members of the military to help you understand how those provisions affect you and your taxes, whether you are active duty, reserve, or veteran. We maintain a list of Tax Topics that provide general tax information for businesses and individuals. Whether you qualify for certain tax credits, Who you can claim as a dependent on your tax return, Provide an interpreter over the phone, or, Schedule an appointment for you at one of our local. Download fed_receipt_sum_1.pdf (69.71 KB) Download fed_receipt_sum_1.xlsx (24.85 KB) We have several e-file options, including Free File. National Income and Product Accounts Tables: Table 1.1.5. Income taxes are less common at the local level, but localities in 11 states collect some portion of their revenue in those ways. 1a) This is the same as gross wages: $2,083.33. Low Income Taxpayer Clinics (LITCs) are independent from both the IRS and TAS. . retrieved from FRED, The CBO attributed this partially to higher corporate profits this year. BEA Account Code: W006RCVisit the BEA for more information about this series. Individual income taxes alone saw a 27.5 percent increase, while payroll taxes saw a slight, 0.2 percent decline. Most businesses and all employers need an Employer Identification Number, or EIN, in order to file taxes. Income taxes will contribute $1.932 trillion. The report was first reported by Politico, which noted that taxes saw the biggest one-year increase since 1977. If English is your second language, LITCs can provide information about taxpayer rights and responsibilities in different languages. . Single . Tax receiptsfell off during the recession but started setting new records by FY 2013.. 1325 G St NW Daily Treasury Statement (DTS) This statement summarizes the United States Treasury's cash and debt operations for the Federal Government. The Tax Foundation is the nations leading independent tax policy nonprofit. In addition, the Fed owns $4 trillion in U.S. Treasury securities that it acquired throughquantitative easing.. Tax receipts are booming, thanks in part to spiking inflation, a new government report shows. Which form you use depends on how your business is organized. Cookies collect information about your preferences and your devices and are used to make the site work as you expect it to, to understand how you interact with the site, and to show advertisements that are targeted to your interests. Federal Government Receipts by Source, Percent of Total, 1934 2018, Source: Office of Management and Budget: http://www.whitehouse.gov/omb/budget/HISTORICALS. LITC services are offered for free or a small fee. See more federal tax revenue analysis. Revenues in 2021 are higher than projected even though GDP for 2021 is down 2 percent from what CBO had projected after the tax bill passed. To help taxpayers interacting with the IRS understand their rights, the agency outlines them in Publication 1, Your Rights as a TaxpayerPDF. Data in this graph are copyrighted. The federal income tax rates remain unchanged for the 2021 and 2022 tax years: 10%, 12%, 22%, 24%, 32%, 35% and 37%. TheFederal Reserve, whose revenue comes from a variety of sources, contributes $71 billion. Your IRS Account gives you secure access to information about your federal tax account. Table 2.4Composition of Social Insurance and Retirement Receipts and of Excise Taxes: 1940-2027 . Generally, the IRS will first mail you a bill if you owe taxes. Fiscal year - 12 consecutive months ending on the last day of any month . If you have employees, you will need to pay employment taxes. The White House. Individual income taxes and payroll taxes rose by a collective 15 percent. Kimberly Amadeo is an expert on U.S. and world economies and investing, with over 20 years of experience in economic analysis and business strategy. As a 501(c)(3) nonprofit, we depend on the generosity of individuals like you. Your self-employment tax payments contribute to your coverage under the Social Security system. You also must generally pay self-employment tax. If you need a copy of your original tax return information, use Get Transcript. FY 2021 federal revenues aren't enough to pay for spending. Our Interactive Tax Assistant is an online tool that will answer your tax law questions. That creates a $966 billionbudget deficit. Most links on this page go to English content. The amount of tax your employer withholds from your regular pay depends on: Use our Tax Withholding Estimator to check your withholding and make sure you are having enough withheld to cover your tax bill. In fiscal year (FY) 2021, income taxes will account for 50%, payroll taxes make up 36%, and corporate taxes supply 7%. . Social Security coverage provides you with retirement benefits, disability benefits, survivor benefits, and medical insurance (Medicare) benefits. "CBO expects individual income tax receipts to rise by 28 percent in 2022, to $2.6 trillion. If you don't pay enough tax through withholding and estimated tax payments, you may be charged a penalty. How Did the U.S. National Debt Get So Big? Call to tell you that you're getting a tax refund you don't expect. She is the President of the economic website World Money Watch. For over 80 years, our goal has remained the same: to improve lives through tax policies that lead to greater economic growth and opportunity. They know about your marriage, your income, your children, your Social Security numbers and the details of your financial life. Federal income tax must be paid as you earn or receive income during the year, either through withholding or estimated tax payments. Nonresident aliens are taxed only on their income from sources within the United States and on certain income connected with the conduct of a trade or business in the United States. For all other languages, call 833-553-9895. Individual income tax receipts rose to an all-time high of $2.04 trillion in fiscal year 2021 and receipts are running 36 percent higher in fiscal year 2022. Your tax obligations as an international individual taxpayer depend on whether you are a U.S. citizen, a resident alien, or a non-resident alien. Use the EITC Assistant tool to see if you qualify. Tax collection disputes before the IRS and in court. Suite 950 As a writer for The Balance, Kimberly provides insight on the state of the present-day economy, as well as past events that have had a lasting impact. THE HILL 1625 K STREET, NW SUITE 900 WASHINGTON DC 20006 | 202-628-8500 TEL | 202-628-8503 FAX. We also offer tips on how to prepare for disaster so you can protect yourself, your family and your business. It covers a wide range of topics, including: If you worked last year but earned a low or moderate income, you may qualify for the Earned Income Tax Credit (EITC). You can find out more about our use, change your default settings, and withdraw your consent at any time with effect for the future by visiting Cookies Settings, which can also be found in the footer of the site. With Free File, you can prepare and file your federal income tax return for free using tax preparation and filing software. ITINs are issued only for federal tax filing and reporting. Total federal tax collections, including payroll and other taxes, reached an all-time high in nominal terms of $4.05 trillion in fiscal year 2021, amounting to 18.1 percent of GDP, well . Help us continue our work by making a tax-deductible gift today. You are self-employed if any of the following apply to you: If you are self-employed, you need to pay income tax, so you are generally required to file an annual tax return and pay estimated tax every quarter. Looking for emails or status updates from your e-filing website or software. Use your Account to access your tax records online, review your payment history, and see information from the current year tax return as you originally filed it. Current revenue collected equals 16.5% ofgross domestic product, which is a nation's measurement of economic output.. US National Debt Clock: How Its Warning Affects You. Categories > National Accounts > National Income & Product Accounts > Gov't Receipts, Expenditures & Investment. Releases from U.S. Bureau of Economic Analysis, More Accessed Jan. 18, 2022. November 7, 2022. Threats like these are common tactics scam artists use to trick victims. Your transcript shows most line items from your tax return. "How Local Governments Raise Their Tax Dollars." Explore resources provided by the Research Division at the Federal Reserve Bank of St. Louis. Another $1.373 trillion will come frompayroll taxes. On this page, you will find information on these topics: Every taxpayer has a set of fundamental rights they should be aware of when dealing with the IRS. Visit the Taxpayer Advocate Service online or call 877-777-4778. If you can't find the answers to your tax questions on IRS.gov, we can offer you help in more than 350 languages with the support of professional interpreters. Viewing your IRS account information. Read our, How Revenue Relates to the Deficit, Debt, and GDP. Your bracket depends on your taxable income and filing status. "2022 Tax Brackets." Photo: Photo by Justin Sullivan/Getty Images, FY 2020 Federal Budget Compared to Actual Spending, US Debt by President: By Dollar and Percentage, 2017 Federal Budget Compared to Trump's Spending, Interest on the National Debt and How It Affects You, The US National Debt and How It Affects You. It's the fastest way to get your tax refund. To find out whether or not you should file a tax return, see Do I Need to File a Tax Return. Federal income taxes are structured in graduated brackets ranging from 10% to 37% of your adjusted gross income. You can direct deposit your refund into up to three bank accounts. Adjust the employees wage amount. Table 7.1Federal Debt at the End of Year: 1940-2027 Table 7.2Debt Subject to . You may also need to make estimated tax payments if you expect to owe $1,000 or more when you file. Corporate taxes saw the largest jump, increasing by 75 percent over the same period last year to $370 billion, according to the CBOs report. The US government isn't just making a windfall in absolute terms. It has several options for exactly how to do this, though, and economists and policymakers frequently debate the effectiveness of each. We've updated our Privacy Policy, which will go in to effect on September 1, 2022. Credit and Liquidity Programs and the Balance Sheet, A Budget for a Better America, Fiscal Year 2020, Budget of the U.S. Government, National Income and Product Accounts Tables: Table 1.1.5. The Daily Treasury Statement (DTS) is available by 4:00 p.m. the following business day. Call to demand immediate payment. U.S. federal tax revenue comprises the total tax receipts received by the federal government each year. Frequency: Annual, Fiscal Year. As a share of GDP, federal taxes are at 19.8%, one of the highest levels ever, and 15% higher than the 50-year average of 17.3%. Nominal GDP, Divide the figure for "Personal Consumption Expenditures" by total GDP. For assistance in Spanish, call 800-829-1040. Members and veterans of the U.S. Armed Forces have special tax situations and benefits including access to MilTax, a program that generally offers free tax return preparation and filing. For more information or to find an LITC near you, visit Low Income Taxpayer Clinics or download IRS Publication 4134, Low Income Taxpayer Clinic ListPDF. Pew Charitable Trusts. The income brackets, though, are adjusted slightly for inflation. Somer G. Anderson is CPA, doctor of accounting, and an accounting and finance professor who has been working in the accounting and finance industries for more than 20 years. While you may not get a receipt from the IRS any time soon, National Priorities Project went ahead and wrote one up. Can you buy Powerball tickets online? If you are due a refund on the money you've paid toward your taxes, choose direct deposit when you file. Accessed Jan. 18, 2022. In the meantime, we've created this guide to help you find the information you need to pay your taxes and file a federal tax return. The Fed is the bank for federal government agencies, and it pays interest on the billions of dollars in operating funds deposited by these agencies. Threaten to take away your driver's license, business licenses, or immigration status. Q2 2022 (3rd) $8,535.8 Bn. The bulk of federal tax revenue comes from income taxes, payroll taxes, and corporate taxes. You can also get help online through IRS Free File. U.S. Bureau of Economic Analysis, Release: Washington, DC 20005, Tax Expenditures, Credits, and Deductions, Location Matters: State Tax Costs of Doing Business, Tax Reforms for Mobility and Modernization, Consumption Tax Policies in OECD Countries. Step 1. We issue most refunds in less than 21 days. Federal Reserve Bank of St. Louis; The rest is made up of estate taxes, excise and custom duties, and interest on the Federal Reserve's holdings of U.S. Treasurys. Free tax help is available in-person at over 10,000 sites nationwide through our IRS-certified tax preparation volunteer programs. Compared to the federal revenue of $ 0.00 billion for the same period last year (Oct -1 - Invalid Date null) federal revenue has by $0 billion. Receipts topped $4.04 trillion during fiscal 2021, up $627 billion from the $3.42 trillion that the government received in fiscal 2020, according to the CBOs Monthly Budget Review for September. Most of it is paid either through income taxes orpayroll taxes. Total federal tax revenues were $3.32 trillion in 2017 . 2021 tax year. 0, individual income taxes have accounted for % of total revenue while Social Security and Medicare taxes made up another %. Your tax problem is causing a financial difficulty, You've tried and been unable to resolve your issue with the IRS, or. Graph and download economic data for Federal government current tax receipts (W006RC1Q027SBEA) from Q1 1947 to Q2 2022 about receipts, tax, federal, government, GDP, and USA. St. Louis, MO 63102, Gov't Receipts, Expenditures & Investment, Millions of Dollars, Quarterly, Not Seasonally Adjusted, More is an online tool that will track your tax refund. The increase is also over the same period in 2019 when receipts reached $3.46 trillion before declining in 2020. A taxpayer identification number is required on all of your tax-related documents. If you are a U.S. citizen or resident alien, your worldwide income is subject to U.S. income tax, regardless of where you reside. What Is the Current US Federal Budget Deficit? Tax collection is at a multi-decade high of 19.6% as a share of GDP. When there is a federally-declared disaster, we provide disaster assistance and emergency relief to help individuals and businesses recover financially. The CBO attributed the change to higher total wages and salaries, notably among relatively high-income workers who are paying higher tax rates on their earnings. LITCs represent individuals whose income is below a certain level and who need to resolve tax problems with the IRS. The government's annual income doesn't cover its spending, which creates a $966 billionbudget deficit. Many argue thatCongressshould only spend what it earns, but that depends on where the economy is in thebusiness cycle. For all other languages, call 833-553-9895. Tax cuts implemented by Presidents Bush, Obama, and Trump to drive economic growth further reduced revenues. Partnerships file an information return. According to a Tax Foundation analysis of Congressional Budget Office data, federal tax collections were up 21% in the 2022 fiscal year that ended on Sept. 30. Besides the dot-com bubble, federal tax receipts have only represented a higher share of GDP in two other years, both during World War II. Current expenditures. Electronic filing or e-filing is when you use commercial tax preparation software to send your income tax return to the IRS over the internet. Most of it is paid either through income taxes or payroll taxes. A Budget for Americas Future: FY 2021, Table S-4. See our page on When to File for information on exceptions and extensions to the filing deadline. The Balance uses only high-quality sources, including peer-reviewed studies, to support the facts within our articles. Whether you owe taxes or you're expecting a refund, you can find out your tax return's status by: Using the IRS Where's My Refund tool. The tax years you can use are: Calendar year - 12 consecutive months beginning January 1 and ending December 31. Biden approval rating slips to 39 percent in new survey, Feehery: Trump Derangement Syndrome dooms Dems, Two hours and 20 races that may decide the midterms, Trump calls Pelosi an animal for impeaching him, TSA agents find gun inside raw chicken at Florida airport, How to get a free doughnut at Krispy Kreme on Election Day, Battle for the Senate: GOP has several paths to a majority, The Hills Morning Report Expectations high for GOP this Election Day, Here are four scenarios for the midterm results in the House. Quarterly. $0 B . Tax Foundation. Demand that you use a specific payment method such as a prepaid debit card, gift card or wire transfer. Individual tax receipts increased by nearly $600 billion over last . This is a social security and Medicare tax primarily for people who work for themselves. If you need someone to prepare your tax return, you can also choose a tax professional. Monthly Treasury . TAS offers you help if: If you qualify for TAS assistance, which is always free, they will do everything possible to help you. The outlet also noted that it was the first time that government revenues topped $4 trillion. Gig economy workers earn income providing on-demand work, services or goods, often through a digital platform such as an app or website. To use the tool, you will need your Social Security number or ITIN, your filing status and the exact amount of your refund. Tax information can be hard to understand in any language. Source: The U.S. government's total revenue is estimated to be $3.863 trillion for FY2021.. Search. Get information on how to file an individual tax return for you and your family. What Options Would Increase Federal Revenues? If you earn wages working for a business, your employer should give you a Form W-2, Wage and Tax Statement, that shows your total income and withholding. But during the pandemic, higher-income peoplewerebetter off than those who earned less. CBO presents its projections of the federal budget for the next 30 years if current laws governing taxes and spending . Jump to Receipts by Source as a Percent of Total, Table 1. The Federal Reserve. This can not be undone. There are seven federal tax brackets for the 2022 tax year: 10%, 12%, 22%, 24%, 32%, 35% and 37%. Fiscal Year: Individual Income Taxes: Corporate Income Taxes: Social Insurance and Retirement Receipts: Excise Taxes: Other: Total: 1934: $ 420.00: $ 364.00 . https://fred.stlouisfed.org/series/W006RC1Q027SBEA, Check back for frequent updates. Federal government current tax receipts [W006RC1Q027SBEA], Federal tax receipts saw the biggest one-year increase since 1977, according to the nonpartisan Congressional Budget Office (CBO). IRS is offering coronavirus tax relief. Release: Fiscal Year Budget Data. Our Small Business and Self-Employed Tax Center offers tax information for taxpayers who file Form 1040 or 1040 SR, Schedules C, E, F or Form 2106, as well as, small businesses with assets under $10 million. The tax filing and payment deadline for individuals and families is most commonly April 15. Accessed July 1, 2020. Man arrested after Cruz hit with beer Watch Live: Trump holds Ohio rally as Watch live: White House monkeypox response team holds briefing. It also keeps the economy from overheating and forming dangerous bubbles. A Budget for Americas Future: FY 2021, Table S-5. Series from Gross Domestic Product. Accessed Jan. 18, 2022. A Budget for a Better America, Fiscal Year 2020, Budget of the U.S. Government. Accessed July 1, 2020. You may be charged a penalty if your estimated tax payments are late, even if you are due a refund when you file your tax return. Know the signs of identity theft and take immediate action if you are a victim to protect your data and identity. Using Worksheet 1 on page 5, we will determine how much federal income tax to withhold per pay period. Some examples of ways to increase federal tax revenues include directly increasing tax rates, raising rates on wealthier taxpayers, reducing tax exemptions and deductions, and boosting economic activity. The rest is made up of estate taxes, excise and custom . Accessed July 1, 2020. It can be even harder if the information isn't offered in your preferred language. When you visit the site, Dotdash Meredith and its partners may store or retrieve information on your browser, mostly in the form of cookies. At 10.6 percent of GDP, that total is expected . CBO projects future federal revenues under current law, estimates the distribution of income and federal taxes, and analyzes the effects of various features of the federal tax system and potential changes to that system. Bureau of Economic Analysis. Corporate taxeswill add another $284 billion. Individual and Consumption Taxes. If you are not eligible for a Social Security number, you must use an individual taxpayer identification number, or ITIN. That is up from 17.9% in fiscal 2021 and is approaching the last peak of 20% set during the dot-com bubble in FY 2000. We are working to provide our tax resources in more languages. The amounts withheld from workers paychecks rose by $244 billion. Contact you by email, text message or social media to ask for your personal or financial information. Be sure to check our tips for choosing a tax preparer. Most taxpayer identification numbers are Social Security numbers. Dates represent the end of the fiscal year. A "tax year" is an annual accounting period for keeping records and reporting income and expenses. estate tax, and other taxes and fees. Employment taxes include: You may need to pay excise tax if your business: Foreign businesses with activities in the U.S., or domestic businesses with activities outside the U.S., must meet specific requirements for international businesses. For the fourth quarter only, government receipts are not available in the first or second estimates. Use this free tax return calculator to estimate how much you'll owe in federal taxes, using your income, deductions and credits in just a few steps. Gross Domestic Product, Units: 1998 - 2022 Nexstar Media Inc. | All Rights Reserved. An official website of the United States Government. Nominal GDP, How Local Governments Raise Their Tax Dollars. In 2015, corporations paid 11%, and income taxpayers paid 47%. You believe an IRS system, process, or procedure just isn't working as it should. Stay alert and avoid getting tricked by a tax scam. Receipts, outlays, and surplus or deficit in dollars and as a percent of GDP from 1940 to 2027. With this tax credit, you can still earn a refund even if you don't owe any tax. Compare federal tax revenue by source over time from 1934 to 2018. Revenues were also lowered by the extension of theBush tax cutsand theObama tax cuts, which fought the2001 recessionand the2008 recession, respectively, by spurringthe consumer spendingthat drives almost70% of economic growth., Here's a record of income for each fiscal year since 1789. Federal tax receipts saw the biggest one-year increase since 1977, according to the nonpartisan Congressional Budget Office (CBO).Receipts topped $4.04 trillion during fiscal 2021, up $627 billion 2022 tax year. The Tax Cut and Jobs Actcut taxes for corporations much more than it did for individuals. You can also get a copy of this publication by calling the IRS toll-free at 800-829-3676. tool tells you to contact the IRS. Federal tax receipts for the first 11 months of fiscal year 2016 totaled $2.909 trillion, according to the Congressional Budget Office (CBO). Read on for more about the federal income tax brackets for Tax Year 2021 (due April 15, 2022) and Tax Year 2022 (due April 15, 2023). This is an important decision. Where's my Refund? Congress should usedeficit spendingto boost economic growth in arecessionand stimulus spending to create jobs., Once the recession is over, the government should switch fromexpansionaryto contractionaryfiscal policybecause it's the best time to raise taxes and reduce thedeficit and national debt. You should only call us if: You can pay your taxes online, by phone or with your mobile device using the IRS2Go app. The Tax Policy Center. "Credit and Liquidity Programs and the Balance Sheet." It's free, and it's secure. In October, the latest fiscal year is updated with figures from the Treasury Department (September . But it is possible to choose the wrong person to prepare your return. If you are in business for yourself, you generally need to make estimated tax payments. Receipts and expenditures tables labeled "government" combine federal . The Gig Economy Tax Center will give you the information you need to comply with the tax laws. U.S. federal tax revenue comprises the total tax receipts received by the federal government each year. Accessed July 1, 2020. The Congressional Budget Office said Wednesday it now expects federal revenue this year to jump by a . The primary way for the federal government to increase revenue is to boost taxes. If you can't find the answers to your tax questions on IRS.gov, we can offer you help in more than 350 languages with the support of professional interpreters. The Volunteer Income Tax Assistance (VITA) program offers free basic income tax return preparation to help people who have: The Tax Counseling for the Elderly (TCE) program offers free tax help for all taxpayers, particularly those who are 60 years of age and older. * Government receipts are not available with the first (advance) estimate of GDP for each quarter. If you e-file your tax return, you will usually receive your tax refund within 3 weeks of the date we receive your return even faster if you choose to have your refund deposited into your bank account. Please review the copyright information in the series notes before sharing. Tax collection is at a multi-decade high of 19.6% as a share of GDP. Threaten to bring in police or other law enforcement to have you arrested for not paying. This might happen if you are sole proprietor or partner in a business, or if you are a gig economy worker. TCE specializes in questions about pensions and retirement-related issues unique to seniors. If you receive a Form W-2, you may want to file a tax return because your employer paid taxes for you, and you may owe less tax than you paid. The White House. These are the rates for taxes due . You can open the file to follow our calculations below. The White House. All Federal government revenue comes from you in the end. This includes $1.011 trillion forSocial Security, $308 billion for Medicare, and $43 billion for unemployment insurance. Subscribe Donate. An annual accounting period does not include a short tax year. Federal individual income tax receipts for the 2022 tax year are expected to be the highest on record when compared to GDP, according to the Congressional Budget Office, Congress's official bookkeeper. Congressional Budget Office. Accessed July 1, 2020. U.S. Bureau of Economic Analysis, If you need your AGI or adjusted gross income to prove your identity to the IRS, you can find it on your transcript. Some 72.5 million households or 40% of households will pay no federal income tax this year, down from the pandemic high of 60% two years ago, according to new estimates from the Tax Policy Center . The remainder of federal revenue comes from excise taxes ($87 billion), tariffson imports ($54 billion), estates taxes ($22 billion), and miscellaneous receipts ($40 billion). When you use direct deposit, there's no risk of having your paper check stolen or lost. The CBO said the change reflects the general strength of the economy over the past year.. Refer to Business Structuresto find out which forms you must file based on the business entity you established. "What Options Would Increase Federal Revenues?" All businesses except partnerships must file an annual income tax return. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and global levels. In fiscal year (FY) 2021, income taxes will account for 50%, payroll taxes make up 36%,and corporate taxessupply 7%. The Taxpayer Advocate Service (TAS) is an independent organization within the IRS that helps taxpayers and protects taxpayers' rights. Her expertise covers a wide range of accounting, corporate finance, taxes, lending, and personal finance areas. 1b) Our employee is paid semi-monthly or 24 times per year. Straight to your coverage under the Social Security number, or tax disputes Your employer probably withholds income tax receipts to rise by 28 percent in 2022, to $ 2.6 trillion, Assistance and emergency relief to help taxpayers interacting with the tax laws, use get transcript our % as a percent of total, 1934 2018, Source: Office Management! 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Filing deadline is in thebusiness cycle primary way for the next 30 years if current laws governing taxes and.. Yourself, your income tax must be paid as you earn from kind. Taxes will contribute $ 1.932 trillion your taxable income and filing status bea Code. Text message or Social Media to ask for your personal or financial information even you! Getting tricked by a tax return to the deficit, Debt, Trump. Security coverage provides you with retirement benefits, disability benefits, disability benefits, and to. Of federal tax receipts by year output studies, to support the facts within our articles economic You believe an IRS system, process, or available in Spanish, Chinese ( traditional ),,. 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