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The IRS has set many tax deductions and benefits into position for tax payers. Unfortunately, some taxpayers who earn a advanced level of income can see these benefits phased out as their income increases.

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

Copyright 2010 by RioneX IP Group LLC. All rights booked. This material may be freely copied and distributed subject to inclusion these copyright notice, author information and all the hyperlinks are kept unchanged.

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