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BWdem4life

(3,091 posts)

2. No. Not off. Don't tell a long-time tax preparer their numbers are off

Reply to Ms. Toad (Reply #1)

Wed Apr 19, 2023, 10:51 PM

Apr 2023

especially if you aren't currently one yourself.

At $5,000 an employed person pays 7.65% in SS/Medicare tax, then gets it all back in the form of the EIC. Final number is zero (actually -1).

And, it's not 15.3% of net profit, it's 15.3% of 92.35% of net profit.

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Self-employed? The less you make, the MORE they take in taxes. [View all] BWdem4life Apr 2023 OP

I think your chart is off. Ms. Toad Apr 2023 #1

No. Not off. Don't tell a long-time tax preparer their numbers are off BWdem4life Apr 2023 #2

Tax credits are a different issue than taxes, Ms. Toad Apr 2023 #3

The Feds really need to drop that 10 pct penalty on 401k withdrawl from 59 1/2 to 55 yrs old. roamer65 Apr 2023 #4