Getting Rid Of Tax Debts In Bankruptcy: Difference between revisions

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Revision as of 15:21, 2 September 2026


After all the festivities, laughter, and gift giving for the holidays, giggles and grins quickly meld into groans and glowers as Taxes Preparation Season rears its ugly face. From January 15th until April 15th, Americans fuss and fume about our growing income taxes. Nevertheless, in an odd sort of way, some must enjoy the gloom since they will file for an extension, prolonging the agony of the inevitable.

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In fact, this column was inspired by a new York Times article that ran last week, arguing that generous tipping "is a technique that is guaranteed to have no influence on your products and services." (1) Then why does the person being tipped pay taxing?

The 'payroll' tax applies at a constant percentage of the working income - no brackets. Being an employee, pay out 6.2% of one's 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 one's income. There's no transfer pricing tax threshold (or tax free) associated with income for this system.

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