The Tax Benefits Of Real Estate Investing: Difference between revisions
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Revision as of 10:26, 21 September 2024
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The 'payroll' tax applies at a fixed percentage of one's working income - no brackets. A great employee, you pay 6.2% of your working income for Social Security (only up to $106,800 income) and a person specific.45% of it for Medicare (no limit). Together they take much more 7.65% of the income. There's no tax threshold (or tax free) regarding income in this system.
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