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Revision as of 10:03, 22 October 2024

The IRS has set many tax deductions and benefits secure for people. Unfortunately, some taxpayers who earn a higher level of income can see these benefits phased out as their income climbs.

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

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