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Latest revision as of 04:18, 10 September 2024

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I then asked her to bring all the documents, past and present, regarding her finances sent by banks, and such. After another check which lasted for almost half an hour I reported that she was currently receiving a pension from her late husband's employer which the taxman already knew about but she'd failed to report that income in her own tax version. She agreed.

The 'payroll' tax applies at a limited percentage of your working income - no brackets. A great employee, devote 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 a lot more 7.65% of the income. There's no tax threshold (or tax free) involving income in this system.

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And when you've got really look at the reasoning behind this tax, may be a fair tax. The trucking industry may comfortably provide the backbone of this American economy, but they take a significant toll regarding roads, and in case it weren't for taxes like this there would be no money to keep our roads maintained, safe, and regarding congestion.

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