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Revision as of 20:32, 14 August 2026


The IRS has set many tax deductions and benefits instead for tax payers. Unfortunately, some taxpayers who are earning a advanced of income can see these benefits phased out as their income ascends.

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For his 'payroll' tax as a member of staff he pays 7.65% of his $80,000 which is $6,120. His employer, though, must spend same 7.65% - another $6,120. So from the employee and also the employer, the fed gets 15.3% of his $80,000 which to be able to $12,240. Note that an employee costs a business his income plus 7.65% more.

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