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Revision as of 02:18, 12 August 2026
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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 give the same many.65% - another $6,120. So within employee fantastic employer, the fed gets 15.3% of his $80,000 which to be able to $12,240. Keep in mind that an employee costs an employer his income plus 7.65% more.
In 2003 the JGTRRA, or Jobs and Growth Tax Relief Reconciliation Act, was passed, expanding the 10% income tax bracket and accelerating some of the changes passed in the 2001 EGTRRA.