Quote:
Originally Posted by whell
Here's the 35%: [url]
35 + 6.2 + 1.45 = 42.65%.
This is on income earned over $373500. Income below that amount is taxed at a lower rate.
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On income over $373,650, you pay 35% + 1.45. You do not pay 6.2 because of the FICA cap. As D-Ray said, 35+1.45=36.45%
And, once again, the 35% assumes no deductions, no dependants. There is no scenario in U.S. tax code that can get a sigle dollar of income taxed at 42.65%. It does not exist.