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Revision as of 15:40, 10 May 2026
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2) An individual been participating in your company's retirement plan? If not, not really? Every dollar you contribute could decrease taxable income minimizing your taxes to shoe.
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This provides a combined total of $110,901, our itemized deductions of $19,349 and exemptions of $14,600 stay the same, giving us a total taxable income of $76,952.
Someone making $80,000 each year is not really making a lot of your money. The fed's 'take' is significantly now. Income taxes originally started at 1% for leading rich. And these days the government is about to tax you more.