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by flowerbeater
1769 days ago
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The 37% and 13.3% are on marginal income, as I'm sure you know. The effective tax rate is much lower. California and some other states also have required disability insurance that is taken out with the state income tax. It's 1% in CA. And I would count Social Security and Medicare too, equally 7.65%. But the SS part has a cap so the percentage goes down the more you make. All put together, someone making $250K pays about 37% on that to various income taxes listed above. If you were making 1M income a year, that rises to 47%. For 100K, it's about 30%. |
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