Thread: Money What's a well paying job?
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Old 04-07-2011, 08:47 PM   #77
Saul Good Saul Good is offline
Quit your bullshit
 

Join Date: Jul 2005
Location: Bored of winning
Casino cash: $10052799
Quote:
Originally Posted by CrazyPhuD View Post
Welcome to living in a city or a general high cost area. Start at 150K Take 40% off the top for taxes You now have 90K left.
This isn't even close to accurate.

Your earnings aren't taxed at your highest marginal bracket from dollar one. If you earn $150,000 and don't claim any deductions, your total Federal burden is 20.16% or $30,244 (assuming married, filing jointly). You would be left with $120,000 not counting state and local taxes. Even after factoring in state and local, you are still left with over $100,000. Again, that is without taking ANY deductions.
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