Difference between revisions of "Annual Taxes - Humor In The Drudgery"

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The 'payroll' tax applies at a small percentage of your working income - no brackets. As an employee, you won't 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 additional 7.65% of the income. There's no tax threshold (or tax free) associated with income in this system.

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