Difference between revisions of "How To Deal With Tax Preparation"

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The IRS has set many tax deductions and benefits instead for taxpayers. Unfortunately, some taxpayers who earn a top level of income can see these benefits phased out as their income increases.

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The 'payroll' tax applies at a hard percentage of the working income - no brackets. A great employee, pay out 6.2% of the working income for Social Security (only up to $106,800 income) and just 1.45% of it for Medicare (no limit). Together they take an additional 7.65% of the income. There is no tax threshold (or tax free) associated with income to do this system.

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