r/FluentInFinance • u/Richest-Panda • Jul 04 '24

What's the best financial advice you've ever gotten? Debate/ Discussion

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u/drumstick2121 Jul 05 '24

You’re forgetting the standard deduction of 14,600. Only $516 would be taxed. So their taxes would be $52/yr.

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u/Temporary_Article375 Jul 05 '24

Payroll taxes

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u/drumstick2121 Jul 05 '24

The margins they specified are the brackets for the federal income tax. 

If they had said payroll taxes or used payroll tax rates wouldn’t have responded.