3 ms·
Where does 60% come from? I used this calculator - https://smartasset.com/taxes/income-taxes https://smartasset.com/taxes/income-taxes It said if I (married)
by astura 4y ago
Where does 60% come from?
I used this calculator - https://smartasset.com/taxes/income-taxes https://smartasset.com/taxes/income-taxes
It said if I (married) made $675,745/year in Manhattan I'd pay 39.59% of my income in taxes.
- aserdf 4y agoim adding marginal rates which is somewhat lazy. assuming 1,080,000 as a single earner (married changes the calculation of course): - 37% federal - 9.65% state - 3.876% city tax - 3% SS and medicare - ?? disability, unemployment, etc. - some additional % to cover single payer so thats somewhere in the mid 50% range adding up. again, effective rates won't be that exact number except for ultra high earners. this also doesn't include property tax or sales tax (8.875%). crocodile tears for million dollar earners and their tax bills of course, my point being that chasing away a small amount of residents can have an outsized effect on state revenue. (0.3% of returns account for 27% of revenue federally)