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If you count social security and medicaid taxes the $400k couple is paying 36% and the 600k couple is paying 40%. So yeah it's not the majority of people in th
by cactus2093 4y ago
If you count social security and medicaid taxes the $400k couple is paying 36% and the 600k couple is paying 40%.
So yeah it's not the majority of people in the Bay Area paying 40% but if both spouses are working at big tech companies and they're more than a few years into their career then they will likely be somewhere in this range and paying close to 40%
- mercutio2 4y agoI don't know how I managed to use a calculator that didn't include FICA, but for a single earner that barely changes the analysis. A single earner (again, with the unusual state of no deductions) has to make $690k to reach 40%. For a dual-high-income earner households I concede 40% effective isn't going to be uncommon.