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Latest revision as of 16:20, 22 September 2024

Filing an tax return is a pursuit that rolls around once a year so keeping lets start on requirements and guidelines is key into a successful season. Whether you are just getting started or in the centre of the process guidelines 10 things you need to know about income taxes.

We hear a lot about income taxes, but most people thought just how much income-related taxes they're salaried. We're taxed by both our federal government and our state. Since the federal government takes the lion's share, I'll concentrate on its tax.

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For his 'payroll' tax as a he pays 7.65% of his $80,000 which is $6,120. His employer, though, must cash same 7.65% - another $6,120. So within the employee and his employer, the fed gets 15.3% of his $80,000 which for you to $12,240. Note that an employee costs an employer his income plus 6.65% more.

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