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Revision as of 20:59, 7 January 2025
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In addition, an American living and outside the us (expat) may exclude from taxable income their income earned from work outside america. This exclusion is in 2 parts. Aid exclusion is bound to USD 95,100 for that 2012 tax year, as well as USD 97,600 for the 2013 tax year. These amounts are determined on the daily pro rata basis for all days on in which the expat qualifies for the exclusion. In addition, the expat may exclude just how much he or she taken care of housing within a foreign country in far more than 16% among the basic difference. This housing exclusion is limited by jurisdiction. For 2012, the housing exclusion could be the amount paid in way over USD forty one.57 per day. For 2013, the amounts in excess of USD 45.78 per day may be excluded.
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The 'payroll' tax applies at quick percentage of your working income - no brackets. As an employee, you won't 6.2% of the working income for Social Security (only up to $106,800 income) and sole.45% of it for Medicare (no limit). Together they take much more 7.65% of the income. There's no tax threshold (or tax free) level of income to do this system.
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