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

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Revision as of 05:22, 14 August 2026


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The 'payroll' tax applies at quick percentage of the working income - no brackets. A good employee, fresh 6.2% of your working income for Social Security (only up to $106,800 income) and just 1.45% of it for Medicare (no limit). Together they take one more 7.65% of the income. There is no tax threshold (or tax free) associated with income in this system.

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