3 ms·
1 is already mostly true at the federal level.
by dlp211 7y ago
1 is already mostly true at the federal level.
- MiroF 7y agonot for payroll it isn't
- jnordwick 7y agoPayroll tax is more akin to a government pension program in that your payment roll gets you money back when you retire. Counting as just another tax really cuts against years of government arguments to the contrary.
- dlp211 7y agoFamily of 4 (2 kids under 16) in 2020 taking standard deduction, no childcare expenses, no tax deferred savings. FICA Payroll taxes paid 50k * .0765 = 3825 Tax Burden 50k - 24800 (Standard deduction MFJ) = 25600 25600 = $2676.90 in FIT taxes owed before credits Child tax credit $4000 EITC ~$750 Total Credits $4750 Total Federal tax burden -4750 + 3825 + 2677 = 1752/50000 = 3.5% So not zero, but pretty darn close.