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Revision as of 18:02, 31 January 2025
The old adage is crime doesn't pay, only one certainly can wonder sometimes about the precision of it given how many of politicians that typically be criminals! Regardless, the fact an individual making money from a criminal offense doesn't mean you you do not have to pay taxes. Correct. The IRS wants its unfair share of your ill gotten gains!
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10% (8.55% for healthcare and just 1.45% 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). Reducing the amount right down to a iii.5% (2.05% healthcare 7.45% Medicare) contribution each for earnings of 7% for transfer pricing lower income workers should make it affordable for workers and employers.
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