How Does Tax Relief Work: Difference between revisions

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Revision as of 05:55, 7 February 2025

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

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