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by finitemonkey
1095 days ago
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You might want to check what the difference between mean and marginal tax rate is. For somebody with a lifestyle in which $162k a year is considered "barey livable" that should be sth very easy to understand. >save up money for parental elderly care Sorry, what? Your parents? I can see that paying for 3 generations on one income can be hard. |
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I was writing mean rates, not marignal.
For 300K in CA:
- marginal is 35% federal, 9.3% state, 2.35% FICA
- mean is 24.74% federal and 8.06% state, 4.79% FICA.
> I can see that paying for 3 generations on one income can be hard.
Yes, most working class people have to care for 3 generations. Parents being wealthy enough to take care of their own retirement expenses is a small, small number. Working class people in their middle ages choosing to not have kids is also a small number.