History For The Federal Taxes: Difference between revisions

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The 'payroll' tax applies at a fixed percentage of one's working income - no brackets. With regard to employee, fresh 6.2% of your working income for Social Security (only up to $106,800 income) and 12.45% of it for Medicare (no limit). Together they take additional 7.65% of one's income. There's no tax threshold (or tax free) associated with income for this system.

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