Dealing With Tax Problems: Easy As Pie: Difference between revisions

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Revision as of 04:49, 6 January 2025

The old adage is crime doesn't pay, only one certainly can wonder sometimes about the accuracy of it given the volume of of politicians that look as if be baddies! Regardless, the fact are usually making money from a crime doesn't mean you shouldn't have to pay taxes. Correct. The IRS wants its unfair share of your ill gotten gains!

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The 'payroll' tax applies at a small percentage of one's working income - no brackets. Regarding employee, you pay 6.2% of your working income for Social Security (only up to $106,800 income) and a single.45% of it for Medicare (no limit). Together they take one 7.65% of the income. There's no transfer pricing tax threshold (or tax free) associated with income in this system.

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