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Version du 11 novembre 2024 à 14:53
Ask ten people content articles can discharge tax debts in bankruptcy and you get ten different the answers. The correct answer will be the fact you can, but only if certain tests are met.
Because for the increasing tax rate of higher brackets, a reduction of taxable income within the higher bracket saves you more tax than gonna do it . reduction inside of a lower clump. So let's compare the tax saving of contributing $1000 by one person with a $30,000 income with what single person with a $100,000.
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The 'payroll' tax applies at a fixed percentage of the working income - no brackets. As an employee, you won't transfer pricing 6.2% of one's working income for Social Security (only up to $106,800 income) and 12.45% of it for Medicare (no limit). Together they take an additional 7.65% of your income. There is no tax threshold (or tax free) regarding income in this system.
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