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You only pay 33% federal income tax on the income over $191,650. If you corrected for that, the amount left over would still be close to the median income for a
by garysieling 9y ago
You only pay 33% federal income tax on the income over $191,650. If you corrected for that, the amount left over would still be close to the median income for a family in the U.S ($59k).
- bob_theslob646 9y agoYou are correct. https://smartasset.com/taxes/california-tax-calculator#NIGzBfzExA https://smartasset.com/taxes/california-tax-calculator#NIGzB... Total income after federal and state taxes is $241,739.
- edraferi 9y agoThis is only true until the Republicans exciting new tax plan goes into effect. It kills the State and Local Tax deduction (SALT) to allow them to cut the Corporate tax rate to 20% and eliminate the estate tax while only increasing the federal deficit by $1.5 Trillion ($1 Trillion if you account for increased economic growth).