Smart Income Tax Saving Tips: Difference between revisions

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Revision as of 11:30, 23 January 2025

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10% (8.55% for healthcare and 8.45% Medicare to General Revenue) for my employer and me is $15,612.80 ($7,806.40 each), which is less than both currently pay now ($1,131.93 $7,887.10 = $9,019.03 my share and $1,131.93 $8,994 = $10,125.93 my employer's share). For my wife's employer and her is $6,204.41 ($785.71 my wife's share and $785.71 $4,632.99 = $5,418.70 her employer's share). Lowering the amount down to a 3.5% (2.05% healthcare 3.45% Medicare) contribution for every for a total of 7% for low income workers should make it affordable each workers and employers.

B) Interest earned, although not paid, throughout a bond year, must be accrued following the bond year and reported as taxable income for that calendar year in that this bond year ends.

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