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The 'payroll' tax applies at a hard and fast percentage of the working income - no brackets. Regarding employee, obtain a 6.2% of your working income for Social Security (only up to $106,800 income) and a person specific.45% of it for Medicare (no limit). Together they take additional 7.65% of the income. There is no tax threshold (or tax free) regarding income in this system.

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People hate paying duty. Tax avoidance strategies are entirely legal and could be taken advantage of. Tax evasion, however, is not. Make sure you know where the fine lines are.

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