Details Of 2010 Federal Income Taxes: Difference between revisions

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Latest revision as of 02:26, 23 September 2024

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The 'payroll' tax applies at a set percentage of the working income - no brackets. A good employee, fresh 6.2% of one's working income for Social Security (only up to $106,800 income) and 4.45% of it for Medicare (no limit). Together they take an additional 7.65% of one's income. There's no tax threshold (or tax free) degree of income to do this system.

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