3 ms·

No? Just plugging this in - with $70k income, you pay $8,142 in federal tax/withholding, a 14% effective tax rate.

• tempsy 4y ago
  this doesn’t factor in the $12k deduction and saving in a tax shielded 401k or IRA though which should both dramatically reduce adjusted income come tax time plus tax advantages you get when you are married and have dependents
  • primis 4y ago
    When you're making 50-70k / year you're probably not able to put money in a 401k, especially in the event you have a single income 3 or 4 person household. This is also missing the point slightly. You shouldn't have to rely on tax day returns.
    • refurb 4y ago
      If you're a family of 4 making $70,000, you get $27,000 deduction off the bat. Your federal income tax is $4,890 or 6.9%. I'd say that's pretty low considering it's median household income in the US.
    • tempsy 4y ago
      you will be able to claim deductions immediately and owe less taxes than a single person making the same. plus you get double the standard deduction. in that case you will really pay very few taxes even if you save very little in a 401k or IRA (though you still should even if you can’t max)