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33k per month take home on 1 million per year would mean the tax rate is over 60%. There is no way that's right.
by reefoctopus 10y ago
33k per month take home on 1 million per year would mean the tax rate is over 60%. There is no way that's right.
- phil21 10y agoSounds pretty close to me, why would you think that's far off for a $1M/yr couple in CA? Certainly within 10%. High W2 income earners are heavily taxed in the US.
- flukus 10y agoThat would be almost the highest tax rate in the world.
- phil21 10y agoI looked and the 40% federal rate kicks in at $500k, I thought it was lower. So you're more correct than I am. 45-50% is a better total estimate for a total tax rate. The last dollar made is taxed at 53% (40% federal, 13% CA), so that's why the 60% number didn't sound horribly off. This is also ignoring FICA and SS taxes, which it's far too late to do the math on :)
- Symbiote 10y agoIs there an online calculator, or is it too complicated for this to be a free service? Someone earning £1,000,000 in the UK would pay 46% tax. https://listentotaxman.com/1000000 https://listentotaxman.com/1000000