Dealing With Tax Problems: Easy As Pie: Difference between revisions
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Revision as of 05:44, 12 November 2024
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The 'payroll' tax applies at a hard and fast percentage of one's working income - no brackets. As an employee, fresh 6.2% of one's working income for Social Security (only up to $106,800 income) and 1.45% of it for Medicare (no limit). Together they take even more 7.65% of your income. There's no tax threshold (or tax free) regarding income in this system.
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