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Revision as of 13:20, 12 November 2024
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The 'payroll' tax applies at a small percentage of the working income - no brackets. Regarding employee, instead of 6.2% of one's 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 is no tax threshold (or tax free) level of income to do this system.
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