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> If you make 1 million a year and live in a 2 million dollar house. > Property tax in Cali : 20k Income tax in Cali : ~65k Only 65k taxes on 1 million in inco
by ohazi 13y ago
> If you make 1 million a year and live in a 2 million dollar house.
> Property tax in Cali : 20k Income tax in Cali : ~65k
Only 65k taxes on 1 million in income? In California? I'll pay you to do my taxes.
- GeneralMayhem 13y agoThat's for state tax only - federal would be another good chunk on top of that - but yeah, assuming that's all straight-up income (not investments or anything), just the state-level taxes should be about 100k at California's current rates.
- DanBlake 13y agoYou dont pay state income tax on money you pay to the federal gov. Surprised how few people know that. So on 1m you will pay ~350k to the fed gov- That leaves you with 650k 'net' remaining. CA taxes you on this amount. Hence the 65k for Cali.