3 ms·
>48% (35% federal + 8% state + 5% city) You can deduct state and local income tax from your federal income tax, so the combined rate should be less than that.
by eurleif 13y ago
>48% (35% federal + 8% state + 5% city)
You can deduct state and local income tax from your federal income tax, so the combined rate should be less than that.
- beagle3 13y agoAMT is 28%, so past some level of active income, you never go below 41% even with those deductions (which are not always possible, despite the "common knowledge" about it. Oh, and AMT trumps childcare, mortgage interest and almost any other deduction as well).