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An employee must quote to employers their Tax File Number (TFN) so the employer can withhold tax from their pay. While it is not an offence to fail to provide an employer, a bank or financial institution with a TFN, in the absence of this number, payers are required to withhold tax at the rate of 47% (the highest marginal rate plus Medicare ...
When you file your taxes, you can claim the standard deduction or choose to itemize. However, recent changes in tax law have dramatically reduced the percentage of Americans who itemize. For You:...