4 ms·
A quick back of the envelope calculation shows that an income of $1 million gets you an effective tax rate in the mid 40s in California. AGI: $1000k Federal In
by callmeal 2y ago
A quick back of the envelope calculation shows that an income of $1 million gets you an effective tax rate in the mid 40s in California.
AGI: $1000k
Federal Income Tax: $322k
California State Income Tax: $102k
FICA Taxes: $32k
Total tax: $456k
Compared to say Germany, where for the same income you would be paying over 50% in taxes. So I think you're doing very well.