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Is your estimate of 65 including state (10%) and city (1.5%) taxes?
by aaronblohowiak 13y ago
Is your estimate of 65 including state (10%) and city (1.5%) taxes?
- deleted 13y ago[deleted]
- jamesaguilar 13y agoYes. It might actually be a bit conservative, since the overall burden for a single person making $100k with 10% state taxes is around 20% for federal taxes. And the CA overall burden is going to be more like 8.9% (marginal is 9.3% below $1M). So, let's do the numbers to be sure. 100 000 - 7 009 (2013 CA on 100 000 -- not sure if std deduction should be factored in) - 17 820 (2012 Federal on 87 000 -- GI - state - std deduction) - 7 650 (Soc sec + Medicare) ======= 67 521
- gkop 13y agoThe city 1.5% tax is paid by employers and has no bearing on the $100K base salary or take home pay.