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Reduce Tax Withholdings Today

On 02/20/2013, in Cash Management, by Jordan Wilson

Most countries tax employment income at the source when earned.

If you earn $120,000 annually and your effective tax rate is 35%, then each month your employer withholds (and hopefully remits on your behalf) roughly $3500 from your net pay-cheque. At the end of the year, you file your tax return and probably get a refund for overpayments during the year.

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