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I don't see how it could calculate what my tax burden would be based on my income alone. It's not asking me if I'm self employed or if I have dependents. Consu
by padobson 14y ago
I don't see how it could calculate what my tax burden would be based on my income alone. It's not asking me if I'm self employed or if I have dependents.
Consultants like myself have to pay the payroll taxes (SSI, Medicare) for themselves as well as the employer contribution - which this doesn't mention. I suppose it's just looking at income tax?
Who do I vote for if I want to torch the current federal tax system and replace it with a federal sales tax?
- mcarvin 14y agoHi, we do actually take into account dependents (towards the top right of the page). Mostly for ease of use, we do make some simplifying assumptions that are noted at the bottom of the page under "methodology". For a more detailed breakdown of your federal, state, local and medicare / social security payments you can try the smartasset decision engine.
- muzz 14y agoIt also doesn't ask you if you participate in a 401k, have a mortgage on a primary residence, etc. Everyone's income taxes are different. And even more than that, deductions, exemptions, and credits make the final income tax very different from simply applying the marginal rates to your salary. It's interesting comparing your actual tax paid last year to the "Current Structure" number-- it's likely significantly less.