Returning from United Kingdom: $800 personal exemption, up to 1 liter of alcohol duty-free.
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You get an $800 personal exemption on goods for personal use, plus up to 1 liter of alcohol duty-free.
You simply pay duty on the amount over $800 — there's no penalty for exceeding it as long as you declare everything honestly.
Counterfeit goods and certain meat/dairy products need USDA declaration and are often restricted.
Yes — everything you're bringing back needs to be declared, including gifts and anything packed in checked bags, not just what you're carrying on you.