History On The Federal Income Tax: Difference between revisions
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Revision as of 23:21, 22 September 2024
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Note: The article author is not a CPA or tax commercial. This article is for general information purposes, and need to not be construed as tax details. Readers are strongly asked to consult their tax professional regarding their personal tax situation.
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Contributing an insurance deductible $1,000 will lower the taxable income from the $30,000 per annum person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For the $100,000 per year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost twice as much!
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