3 ms·
FWIW at least some of these numbers are wrong. For example I calculate the state income tax for a single filer, earning $99,229/yr, taking the standard deducti
by Cushman 15y ago
FWIW at least some of these numbers are wrong.
For example I calculate the state income tax for a single filer, earning $99,229/yr, taking the standard deduction* , over five years as (((92 229 - 47 056 - 3 657) * .093) + ((47 055 - 37 234) * .08) + ((37 233 - 26 822) * .06) + ((26 821 - 16 995) * .06) + ((26 821 - 16 995) * .04) + ((16 994 - 7 169) * .02) + (7 168 * .01)) * 5 = $32,610.54. A lot, but ten grand less than claimed.
Protip: Look up "marginal tax rate" before you make another infographic.
* This is probably a good place to note that if you're a freelancer and you're not deducting everything, you're paying way too much in taxes.