Note: The article author is not a CPA or tax specialized. This article is for general information purposes, and needs to not be construed as tax good advice. Readers are strongly motivated to consult their tax professional regarding their personal tax situation.

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B) Interest earned, however paid, during a bond year, must be accrued after the bond year and reported as taxable income for the calendar year in which your bond year ends.

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In order to acquire EIC, you need to make a sustaining transfer pricing financial. This income can come from freelance or self-employed the job. The EIC program benefits individuals who are willing to work for their money.

But your employer also has to pay 7.65% in the income he pays you for your Social Security and Medicare. Most employees are unaware of this extra tax money your employer is paying for you. So, between you alongside employer, the united states government takes 15.3% (= 2 times 7.65%) of the income. In case you are self-employed you pay the whole 15.3%.

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