Smart Income Tax Saving Tips: Difference between revisions
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Revision as of 14:48, 23 February 2025
A disgruntled ex-employed call the state, reported my family's glass business for sales tax evasion. One of several local state sales tax auditors called plan some time to pore through our books.
A personal exemption reduces your taxable income so you wind up paying lower taxes. You might be even luckier if the exemption brings you to be able to lower tax bracket. For the year 2010 it is $3650 per person, identical to last year's amount. In the year 2008, each was $3,500. It is indexed yearly for augmentation.
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For his 'payroll' tax as an employee he pays 7.65% of his $80,000 which is $6,120. His employer, though, must pay the same many.65% - another $6,120. So involving the employee with his employer, the fed gets 15.3% of his $80,000 which in order to $12,240. Note that an employee costs an employer his income plus 7.65% more.
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