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Revision as of 22:33, 7 March 2025
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The 'payroll' tax applies at a fixed percentage of your working income - no brackets. As an employee, instead of 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 one 7.65% of the income. There is no tax threshold (or tax free) amount of income to do this system.
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