The progressive tax system, which is the system that determines how much you’re taxed by how much money you make at the end of the year, seems to do a fair job in its calculations. That doesn’t mean everything is going to agree with that statement. The more money you make totaled up at the end of the year, the more you’re taxed. There are a few factors that can make a difference in how much you are taxed, such as if you are married, single, filing taxes separately, have children and what state you reside in.
When it comes to dealing with taxes, many people would much rather curl up under a rock, and rightly so! Those who are self employed are forced to deal with their taxes on their own and they have more to cover than the regular employee. There are so many things that taxpayers need to be aware of, such as the three types of taxes (federal, state and local taxes).
Where you live can also make a difference in how much you pay and how much money you get back. States such as Texas and Florida do not have a state tax. If you go into a store and see something that is on sale for $3.50, you pay $3.50.
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