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I did the math on my taxes somewhat recently and between federal income taxes, social security, and medicare mine was about 27% on 221k income as a single perso
by mrep 6y ago
I did the math on my taxes somewhat recently and between federal income taxes, social security, and medicare mine was about 27% on 221k income as a single person with no kids in washington state and I'm including the employer payroll costs and taxes as part of that because it's basically the same thing as income taxes. Long term cap gains is 15-23%. For California, you'd probably add like 10% to both income tax and cap gains as it is a high income tax state whereas washington has no income tax.
- sokoloff 6y agoI get about 33% for that simple case (single, $221K W-2, WA, add the employer portion of payroll costs [same as employee contribution]). It's ~28%% without the addition of employer FICA.
- mrep 6y ago210 w-2, 19k 401k, 50k income taxes, 11k employer FICA, so about 61/221 = ~27.6%
- sokoloff 6y agoYou’re eventually going to pay ordinary income tax on the 401(k) money, so I think you need to either include it in both or exclude it from both rather than treat it as entirely non-taxable as you’ve done above.