Don t Panic If Tax Department Raids You: Difference between revisions

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Latest revision as of 13:57, 15 August 2025


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What everyone knows as your 'income' tax has few of tax brackets each with its own tax rate from 10% to 35% (2009). These rates are used to your taxable income which is income more your 'tax free' funds.

I was paid $78,064, which I am taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) transfer pricing in a 401k, making my federal income taxable earnings $64,744.

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