I'm sorry what? 35% federal income taxes on earnings of 150k? No. Over $85,650 but not over $178,650 -> $17,442.50 plus 28% of the excess over $85,650 Total f

I'm sorry what? 35% federal income taxes on earnings of 150k? No. Over $85,650 but not over $178,650 -> $17,442.50 plus 28% of the excess over $85,650 Total federal payment: 17.4 + .28(150-85) = 35.6 35.6 over 150 = .23, and that's before factoring in the deduction you get to take for your California payment, or the standard deduction if you choose not to itemize.