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State
income tax
Most
states have State Income Tax. You are allowed
to deduct your State Income Tax from your Federal
Income Tax if you itemize your deductions.
Saving
for retirement
 You may save money in an IRA (Individual
Retirement Account) if you are not covered by
a 401(k) or other retirement plan. The deduction
can be as much as $2,000.00 for an individual
or $4,000.00 for a couple.
Employees
who are part of a 401(k) Plan should check out
401(k) HelpCenter.com (Employee Area). The United
States Department of Labor has a brochure, “Protect
your Pension,” you should look at. You should
also go to the Pension and Welfare Benefits Administration
for assistance and information (www.dol.gov/dol/pwba).
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