A Good Reputation Taxes - Part 1: Difference between revisions
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Revision as of 04:10, 12 November 2024
After all the festivities, laughter, and gift giving belonging to the holidays, giggles and grins quickly meld into groans and glowers as Tax Preparation Season rears its ugly face. From January 15th until April 15th, Americans fuss and fume about our ever increasing income taxes. Nevertheless, in an odd sort of way, some must use the gloom since they will file for an extension, prolonging the agony of the inevitable.
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 to a 401k, making my federal income taxable earnings $64,744.
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2) Have participating with your company's retirement plan? If not, test? Every dollar you contribute could lower taxable income and lower your taxes to hiking.
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