3 ms·
The top US bracket of 37% + 13.3% in CA (for example) will get you roughly there. NYC has an even higher tax rate. Of course, this doesn't take into account th
by borski 5y ago
The top US bracket of 37% + 13.3% in CA (for example) will get you roughly there. NYC has an even higher tax rate.
Of course, this doesn't take into account that it's a progressive tax, etc., but I regularly take home only about 50-60% of what I make, after benefits.
- the_only_law 5y agoYeah but is someone making $6k a month in the top bracket in these places?
- delphinius81 5y agoNo, but as a contractor you have to pay the full payroll tax (15%) + all the other SS / medicare costs (usually comes to about 2-3%), plus income tax (progressive and varies, but for this bracket is probably federal 15-20%, and up to 10% state). So, add it all up, and it's ~40-45%. Then they have to cover their own health insurance, which again, depends on state, but could be 400-700/mo. So yeah, it's easy to end up with half your money gone with each pay check.
- meragrin_ 5y agoThere are cities which take their own cut and then you can also have school income taxes. I wonder if any counties have an income tax.
- msbarnett 5y agook but he's only making $72,000 a year pre-tax. He's not even close to being in the top tax bracket in the US.
- deleted 5y ago[deleted]
- JshWright 5y ago$6k/mo ($72k/yr) is a marginal tax rate of ~13% in the US. Combined w/ FICA (self-employed), you'd be looking at ~25%. Also, no benefits being deducted in this case.