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The dependent exemption and old age exemptions definitely look like they could knock out 1.5% of income. If you have an income of 70k and two dependents, you wo
by sudosysgen 5y ago
The dependent exemption and old age exemptions definitely look like they could knock out 1.5% of income. If you have an income of 70k and two dependents, you would have an effective tax rate of 2.14%.
- cmurphycode 5y agocan you clarify how you got that result? 70,000 - 8800 (married filing jointly) - 2000 (two dependents) = $59200 taxable income, $2960 tax bill. An effective rate of 4.22% To reach the site's stated 3.29%, this family would need to make around 32k a year. Fwiw, it appears the average household income in Massachusetts is about 80k.