How Income Tax Works

calculator and paper

By: Pamela Martinez, JBS Corp.  There are four major taxes imposed on an individuals’ income: Federal (IRS), State & Local, Social Security, and Medicare. Social Security and Medicare are taxed at a flat rate of 15.3% (split 7.65% each between employee and employer, paid entirely by self-employed individuals); state/local taxes are dependent on your state/city […]