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re: Here's the budget breakdown of a couple that make $500K and still feel average
Posted on 1/25/24 at 9:32 pm to Powerman
Posted on 1/25/24 at 9:32 pm to Powerman
quote:
The social security portion of FICA was capped at 160,200 in 2023 So on a % of income basis their FICA taxes were lower than people that make less than 160K a year
Yeah I know.
If they’re both high earners, plus Medicare surcharge, and living in CA, I still can’t get income taxes higher than $156k.
I’ve already wasted more time calculating this than I planned.
1
Posted on 1/25/24 at 10:50 pm to slackster
quote:
Yeah I know. If they’re both high earners, plus Medicare surcharge, and living in CA, I still can’t get income taxes higher than $156k. I’ve already wasted more time calculating this than I planned.
That’s close to what you would pay in Louisiana with 500k in income with a 4.5% state income tax rate. I think Cali is close to 6% higher.
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