7 ms·
You might want to check what the difference between mean and marginal tax rate is. For somebody with a lifestyle in which $162k a year is considered "barey liva
by finitemonkey 3y ago
You might want to check what the difference between mean and marginal tax rate is. For somebody with a lifestyle in which $162k a year is considered "barey livable" that should be sth very easy to understand.
>save up money for parental elderly care
Sorry, what? Your parents? I can see that paying for 3 generations on one income can be hard.
- dheera 3y ago> difference between mean and marginal I was writing mean rates, not marignal. For 300K in CA: - marginal is 35% federal, 9.3% state, 2.35% FICA - mean is 24.74% federal and 8.06% state, 4.79% FICA. > I can see that paying for 3 generations on one income can be hard. Yes, most working class people have to care for 3 generations. Parents being wealthy enough to take care of their own retirement expenses is a small, small number. Working class people in their middle ages choosing to not have kids is also a small number.
- nly 3y ago37.5% total taxation. Someone in the UK on £236K ($300K) currently takes home only 57%, and doesn't have access to 30 year fixed rate mortgage loans