How To Deal With Tax Preparation: Difference between revisions
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Revision as of 15:44, 22 September 2024
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There's a change between, "gross income," and "taxable income." Revenues is the amount you can make. taxable income is what the government bases their taxes using. There are plenty of things you can subtract from your gross income to provide lower taxable income. For most people, the name of the game is to purchase and use as they're as possible, so 100 % possible minimize your tax exposure.
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No Fraud - Your tax debt cannot be related to fraud, to wit, you need owe back taxes when you failed to transfer pricing them, not because you played funny on your tax return.
10% (8.55% for healthcare and just 1.45% Medicare to General Revenue) for my employer and me is $15,612.80 ($7,806.40 each), which is less than both currently pay now ($1,131.93 $7,887.10 = $9,019.03 my share and $1,131.93 $8,994 = $10,125.93 my employer's share). For my wife's employer and her is $6,204.41 ($785.71 my wife's share and $785.71 $4,632.99 = $5,418.70 her employer's share). Reducing the amount down to a 2.5% (2.05% healthcare particular.45% Medicare) contribution for everybody for an overall of 7% for low income workers should make it affordable for both workers and employers.
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