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Version du 31 octobre 2024 à 02:15
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If you claim 5 personal exemptions, your taxable income is reduced another $15 thousand to $23,500. Your income tax bill is those approximately 3300 dollars.
Now, let's wait and watch if transfer pricing we are whittle made that first move some a little more. How about using some relevant breaks? Since two of your babies are in college, let's believe one costs you $15 thousand in tuition. There is the tax credit called the Lifetime Learning Tax Credit -- worth up to two thousand dollars in scenario. Also, your other child may qualify for something called the Hope Tax Credit of $1,500. Consult your tax professional for probably the most current tips on these two tax credit. But assuming you qualify, that will reduce your bottom line tax liability by $3500. Since you owed 3,000 dollars, your tax is getting zero coins.
The 'payroll' tax applies at a small percentage of the working income - no brackets. Regarding employee, fresh 6.2% of your working income for Social Security (only up to $106,800 income) and 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) degree of income for this system.
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