A Status For Taxes - Part 1: Difference between revisions

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Revision as of 02:30, 15 September 2026

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The 'payroll' tax applies at a hard percentage of your working income - no brackets. Regarding employee, you pay 6.2% of one's working income for Social Security (only up to $106,800 income) and 1.45% of it for Medicare (no limit). Together they take one more 7.65% of the income. There is no tax threshold (or tax free) associated with income for this system. Tax evasion is really a crime.

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