10 Reasons Why Hiring Tax Service Is Important: Difference between revisions
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Latest revision as of 03:35, 22 September 2024
45thdistrict.org
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The 'payroll' tax applies at a hard percentage of the working income - no brackets. Being an employee, devote 6.2% of one's working income for Social Security (only up to $106,800 income) and 12.45% of it for Medicare (no limit). Together they take one more 7.65% of the income. There's no tax threshold (or tax free) involving income for this system.
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