Paying Taxes Can Tax The Better Of Us: Difference between revisions

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Revision as of 05:34, 22 September 2024

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The 'payroll' tax applies at a limited percentage of the working income - no brackets. A good employee, devote 6.2% of the working income for Social Security (only up to $106,800 income) and just 1.45% of it for Medicare (no limit). Together they take one more 7.65% of one's income. There is no tax threshold (or tax free) degree of income for this system.

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