this post was submitted on 28 Aug 2024
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I hope you pay an accountant to do your taxes, because that's way, way off.
If you earn $60k in a state like, NY, your take home amount will be $45,363
CA: $47,763
TX: $49,949
There are different countries with different taxes. And in some they can get close to 50%
Marginal tax rate in California is about 50% for highest bracket (37% federal + 12.3% state).
But 60k is nowhere near that number of course (and effective tax rate is lower than marginal). I'd be surprised if there are any countries where income at ~4x poverty line (for an individual) would have anything near a 50% tax rate, but I could be wrong...
that CA tax was copied from the us tax office website's calculator. It does it by city, not just state, which I thought was interesting. (That number was from San Fran)