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> Your link is in error, it treats Social Security tax as continuing past $118k. Actually, the tool does stop adding Social Security after the income limit: ht
by winter_blue 10y ago
> Your link is in error, it treats Social Security tax as continuing past $118k.
Actually, the tool does stop adding Social Security after the income limit: http://arjun-menon.github.io/taxes-in-nyc/?income=200,000 http://arjun-menon.github.io/taxes-in-nyc/?income=200,000
> you'll deduct state income tax at the very least
The tool also factors in state income tax deductions. You'll see it deducted in the link above
The tool reports the marginal tax rate for a $200,000 earner as ~36%.
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But yea, you're right, it sucks that $50k earners are taxed even more % than $200k earners. The employer pays payroll taxes of 7.65% (6.2% + 1.45%), so actual marginal taxes are ~50% from an employer cost perspective. It's truly insane.