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I said effective tax rate not marginal tax rate. It looks like US and CA income tax has brackets, so even if your marginal rate is 37% you won't be paying that
by kspaans 11y ago
I said effective tax rate not marginal tax rate. It looks like US and CA income tax has brackets, so even if your marginal rate is 37% you won't be paying that rate on 100% of your income.
That said, I'd believe that if you include expenses like health care your net pay would be ~40% less than your gross pay. :P
- klipt 11y agoDon't forget social security taxes - flat 6.2% on your first $118.5k of earnings: http://www.ssa.gov/pubs/EN-05-10003.pdf http://www.ssa.gov/pubs/EN-05-10003.pdf