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The IRS has set many tax deductions and benefits in place for taxpayers. Unfortunately, some taxpayers who earn a great deal of income can see these benefits phased out as their income increases.

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

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