3 Elements Of Taxes For Online Businesspeople: Difference between revisions

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B) Interest earned, although not paid, throughout a bond year, must be accrued following the bond year and reported as taxable income for your calendar year in how the bond year ends.

I was paid $78,064, which I'm taxed on for Social Security and Healthcare. I put $6,645.72 (8.5% of salary) into a 401k, making my federal income taxable earnings $64,744.

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