How To Handle With Tax Preparation: Difference between revisions

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Latest revision as of 21:08, 31 January 2025

The IRS has set many tax deductions and benefits secure for people. Unfortunately, some taxpayers who bring home a high level of income can see these benefits phased out as their income increases.

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The 'payroll' tax applies at a small percentage of your working income - no brackets. As an employee, pay out 6.2% of your working income for Social Security (only up to $106,800 income) and 1.45% of it for Medicare (no limit). Together they take a lot more 7.65% of your income. There is no tax threshold (or tax free) degree of income in this system.

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