28 ms·
So how much should one expect to pay as taxes off his, say 170K salary?
by z92 16y ago
So how much should one expect to pay as taxes off his, say 170K salary?
- notimportant 16y agohttp://www.paycheckcity.com/netpaycalc/netpaycalculator.asp http://www.paycheckcity.com/netpaycalc/netpaycalculator.asp I have used this calculator in the past - it seems to be pretty close to accurate when I have attempted to determine what I should ask for in terms of future raises.
- assemble 16y agoI'm not a tax guy, but based off my experience: Assuming he's single: Federal taxes will be around $47.6k. (~28% at $170k, the 33% bracket hits you at $171,550.) State taxes vary widely. Some cities even have income taxes (e.g. NYC). Next you would have to add in investments, interest on investments, things like that as your income. Then you've got to consider deductions from your home, education, etc. So it's a bit more complex than a simple percent; however, I would budget for a 35-40% effective income tax rate ($59.5k - $68k) in my state; however, in my state the cost of living is about half that--so taxes would be off $85k instead of $170k.