Tax Rates Reflect Standard Of Living: Difference between revisions
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Latest revision as of 01:07, 23 September 2024
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The 'payroll' tax applies at a hard and fast percentage of your working income - no brackets. A good employee, fresh 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 one more 7.65% of your income. There's no tax threshold (or tax free) amount of income in this system.
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