A Status Taxes - Part 1: Difference between revisions

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Revision as of 23:32, 1 April 2025

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The 'payroll' tax applies at a set percentage of the working income - no brackets. With regard to employee, pay out 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 an additional 7.65% of the income. There is no tax threshold (or tax free) associated with income in this system.

What could be the rate? At the rate or rates enacted by Central Act for any Assessment School year. It's varies between 10% - 30% of taxable income excluding the basic exemption limit applicable to your tax payer.

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