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Revision as of 08:11, 12 November 2024

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Remember, an individual exemption of $3650 is not deducted on tax but on your taxable income. Say for example your filing status is 'married filing jointly' with original taxable income of $100,000. This allows under the marginal tax rate of 25%. The actual money you will save on personal exemption is $912.50 (calculation is simple: $3650 multiplied by 25%). For you to your spouse, that can be multiplied by two as well as save $1825.

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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 pay for the same 7.65% - another $6,120. So among the employee and also the employer, the fed gets 15.3% of his $80,000 which in order to $12,240. Note that an employee costs a manager his income plus 2.65% more.

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