Paying Taxes Can Tax The Better Of Us: Difference between revisions

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Revision as of 17:15, 22 September 2024

Declaring bankruptcy is closing module method which can be used to solve the tax problem. But proper care must be used if you might be going in this method just like IRS finds that you might have cheated them then severe actions will be taken against you. So, before choosing this method, consult a tax relief professional to discover if this is the most suitable option for a person.

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The 'payroll' tax applies at a hard percentage of the working income - no brackets. The employee, you pay 6.2% of your working income for Social Security (only up to $106,800 income) and 12.45% of it for Medicare (no limit). Together they take an additional 7.65% of the income. There is no tax threshold (or tax free) level of income for this system.

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