Tax Rates Reflect Standard Of Living: Difference between revisions

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Revision as of 16:14, 4 February 2025

Once upon a time, you were married to a man with a good vocation. One day he was terminated, got a hefty settlement, and later on divorced the person. Then you remember you filed for a joint tax return in that very week. Curse him if you want, do not worry about taxes, you'll be avenged with a tax help with debt.

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The 'payroll' tax applies at a hard percentage of one's working income - no brackets. For employee, pay out 6.2% of the working income for Social Security (only up to $106,800 income) and 12.45% of it for Medicare (no limit). Together they take a lot more 7.65% of the income. There is no tax threshold (or tax free) degree of income in this system.

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