Dealing With Tax Problems: Easy As Pie: Difference between revisions

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Revision as of 13:30, 30 August 2024

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For his 'payroll' tax as a staff member he pays 7.65% of his $80,000 which is $6,120. His employer, though, must pay the same 7th.65% - another $6,120. So one of the employee and his employer, the fed gets 15.3% of his $80,000 which comes to $12,240. Note that an employee costs a manager his income plus basic steps.65% more.

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What about when the business starts additional medications a turnover? There are several decisions that could be made at the type of legal entity one can form, and the tax ramifications differ also. A general rule of thumb is to determine which entity help save the most money in taxes.

In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% tax bracket and accelerating some of your changes passed in the 2001 EGTRRA.

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