4 ms·
(Helped by Google …) In NYC, earning about $100k a year, the effective rate is ~28% tax (ie, you pay $28k tax a year), including federal (~15%) and state (~5%)
by carl_dr 5y ago
(Helped by Google …)
In NYC, earning about $100k a year, the effective rate is ~28% tax (ie, you pay $28k tax a year), including federal (~15%) and state (~5%), social security etc.
In the UK, for £100k, it looks like it’s 27.4%.
So very similar levels.
- midasuni 5y ago$100k is £71k, you’d pay £21k in taxes on that which is 30%
- Plyphon_ 5y agoWell our UK tax bands are marginal tax rates. So you pay zero on the first £12,570 of earnings. Basic rate of 20% from £12,571 to £50,270 of earnings. And then 40% on £50,271 onwards. (We have additional rate over £150,000 of 45%). It's important to remember you don't pay a flat %age on your income. It's worked out as a precentage of income you earn inside the thresholds
- mprev 5y agoDon’t forget that you start to lose the personal allowance over £100k so there’s a point at which the marginal tax rate is around 60%.
- midasuni 5y agoYup. That level is at 50k if you have two kids. Even higher with three kids.
- midasuni 5y agoThat’s all irrelevant. I was quoting actual tax paid, not marginal rates. You also forget a major part of tax levied on workers but not on owners - national insurance.
- karlmrax 5y ago> In NYC, earning about $100k a year, the effective rate is ~28% tax That doesn't include VAT (or whatever it's called in America), tariffs, excise duties though, does it? It'd be curious to see a comparison between countries that would cover all those things (like how much you earn, and how much you actually pay for some average set of goods).