Why Should I File Past Years Taxes Online: Difference between revisions

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Because belonging to the increasing tax rate of upper brackets, a reduction of taxable income at about a higher bracket saves you more tax than exact sneakers reduction in a lower range. So let's compare the tax saving of contributing $1000 by a single individual with a $30,000 income with a single person with a $100,000.

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I was paid $78,064, which I'm taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) in 401k, making my federal income taxable earnings $64,744.

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