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Latest revision as of 21:33, 22 September 2024
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The 'payroll' tax applies at a fixed percentage of the working income - no brackets. Being an employee, get yourself a 6.2% of your working income for Social Security (only up to $106,800 income) and sole.45% of it for Medicare (no limit). Together they take an additional 7.65% of the income. There's no tax threshold (or tax free) amount of income for this system.
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