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There's a 6.2% federal tax for a government-backed pension (social security) that may or may not be around by the time people need it. Most Americans are respon
by altdatathrow 6y ago
There's a 6.2% federal tax for a government-backed pension (social security) that may or may not be around by the time people need it. Most Americans are responsible for their own retirement funding, usually via an employer sponsored plan (401k and others)
Either way, it has nothing to do with a state-level income tax.
- iso947 6y agowhats federal income tax on 400k? Any other Federal taxes on top of income tax and socials
- reducesuffering 6y ago72-111k depending on marital status, house mortgage, and retirement savings. Typically 100k. There’s also ~15k for FICA: Social Security (small 65+ pension) and Medicare (65+ healthcare)[0] Any other federal taxes to the individual are insignificant or investment related. [0] https://smartasset.com/taxes/california-tax-calculator#pfVHM4NTGB https://smartasset.com/taxes/california-tax-calculator#pfVHM...