President Joe Biden and Vice President Kamala Harris on Monday released their 2023 tax returns. Here are lessons for everyday taxpayers, according to experts.
The president and first lady Jill Biden reported a joint adjusted gross income of $619,976 for 2023, which was 7% higher than 2022.
President Joe Biden and Vice President Kamala Harris deliver remarks about healthcare in Raleigh, North Carolina on March 26, 2024.a joint adjusted gross income of $619,976 for 2023, which was 7% higher than 2022. They paid federal income taxes of $146,629 and their effective tax rate was 23.7%.an adjusted gross income of $450,299, which was slightly lower than their 2022 earnings. Their federal taxes were $88,570 and their effective tax rate was 19.7%.Americans think they need almost $1.
After paying "reasonable compensation" to shareholders, S-corporation owners can take distributions without paying 15.3% for Social Security and Medicare taxes.
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