The Irs Wishes To Cover You 1 Billion Cash

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But your employer also has to pay 7.65% of what income he pays you for your Social Security and Medicare insurance. Most employees are unaware of such extra tax money your employer is paying for you personally personally. So, between you and suddenly your employer, the us govenment takes 14.3% (= 2 times 7.65%) of one's income. In case you are self-employed you pay the whole 15.3%.

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