Difference between revisions of "2006 Involving Tax Scams Released By Irs"

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Latest revision as of 05:53, 12 November 2024

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Note: The author is actually a CPA or tax qualified. This article is for general information purposes, and need to not be construed as tax aid. Readers are strongly asked to consult their tax professional regarding their personal tax situation.

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The 'payroll' tax applies at a set percentage of your working income - no brackets. A good employee, get yourself a 6.2% of one's working income for Social Security (only up to $106,800 income) and just 1.45% of it for Medicare (no limit). Together they take much more 7.65% of one's income. There's no tax threshold (or tax free) associated with income to do this system.

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