Government Tax Deed Sales: Difference between revisions
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Revision as of 09:37, 21 September 2024
The IRS has set many tax deductions and benefits secured for tax payers. Unfortunately, some taxpayers who earn a high level of income can see these benefits phased out as their income ascends.
I was paid $78,064, which I'm taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) into a 401k, making my federal income taxable earnings $64,744.
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Because from the increasing tax rate of higher brackets, a reduction of taxable income attending a higher bracket saves you more tax than identical shoes you wear reduction on a lower group. So let's compare the tax saving of contributing $1000 by one person with a $30,000 income with that of a single person with a $100,000.
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