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Revision as of 16:59, 4 October 2024

Ask ten people if you can discharge tax debts in bankruptcy and you get ten different information. The correct answer may be you can, but in the event that certain tests are met up.

For his 'payroll' tax as the employee he pays 7.65% of his $80,000 which is $6,120. His employer, though, must cash same 2.65% - another $6,120. So between the employee and the employer, the fed gets 15.3% of his $80,000 which to be able to $12,240. Note that an employee costs an employer his income plus 4.65% more.

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