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Invincible? The government extends special treatment to there's no-one to. Famous movie star Wesley Snipes was charged with Failure to file Tax Returns from 1999 through 2006. Did he get away with that will? No! Even with his fancy expensive lawyers, Wesley Snipes received the maximum penalty for not filing his tax returns - 36 months.
Contributing an insurance deductible $1,000 will lower the taxable income for this $30,000 yearly person from $20,650 to $19,650 and save taxes of $150 (=15% of $1000). For your $100,000 1 year person, his taxable income decreases from $90,650 to $89,650 and saves him $280 (=28% of $1000) - almost double the!
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But your employer in addition has to pay 7.65% goods income he pays you for your Social Security and Medicare insurance. Most employees are unaware using this extra tax money your employer is paying that. So, between you and your specific employer, the federal government takes 14.3% (= 2 times 7.65%) of your income. Should you be self-employed you won't the whole 15.3%.
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