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re: I got taxed 41% on my latest bonus.
Posted on 3/24/15 at 5:45 pm to igoringa
Posted on 3/24/15 at 5:45 pm to igoringa
quote:I'm all ears. How does that work?
You will get a lot of that back - its effective rate at the end of the day wont be close to the 41% they took out
I can tell you point blank, any above-and-beyond earned income on my ledger gets hit above 41% by the feds, and well above 50%, State and Fed included.
Or are you trying to extrapolate a bonus to the individual's average tax rate?
This post was edited on 3/24/15 at 5:46 pm
2
Posted on 3/24/15 at 5:51 pm to NC_Tigah
quote:
How does that work?
at the end of the year all things that determine your ultimate tax liability are factored in, deductibles, exemptions, etc., it's all part of a composite
Posted on 3/25/15 at 9:22 am to NC_Tigah
quote:
I can tell you point blank, any above-and-beyond earned income on my ledger gets hit above 41% by the feds, and well above 50%, State and Fed included.
Interest NC, help me out. Are you self employed and paying both sides of payroll?
Assuming the average married with kids family (I am giving Tigerlee that benefit lol), he wouldn't even hit the incremental 39.6% bracket until $465K of taxable income, nevermind an effective rate. Note when he is 'paying' the 35%, his payroll taxes are only medicare and not SS as he passed the cap.
What makes up your federal income/payroll tax burden that pushes it over 40% effective (just curious)
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