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A comment on Ask HN: Those making over $300k/year, how did you achieve it?. Parent comment

Re:Ask HN: Those making over $300k/year, how did you achieve... by paul7986 on Wednesday April 11, 2018 @11:56AM (#16812398)
That 40% includes federal, state, social security and other taxes taken out.
[ Parent | on HN ]
Re:Ask HN: Those making over $300k/year, how did you achieve... by mercutio2 on Wednesday April 11, 2018 @09:39PM (#16817343)
You seem to be confusing marginal tax rate with effective tax rate.

People making 300k in California will pay between 33% and 39% effective tax rate (depending on marital status), including State, Federal, and FICA.

And that’s without simple tax sheltering techniques like pre-tax deduction for health care, contributing to a 401k, and deducting mortgage interest.

https://smartasset.com/taxes/california-tax-calculator

[ Parent | on HN ]
Re:Ask HN: Those making over $300k/year, how did you achieve... by mercutio2 on Thursday April 12, 2018 @02:12AM (#16818423)
Actually, that’s a terrible link. Before Trump’s tax increase targeting CA/NY, the SALT itemized deduction lowers the effective tax rate by a further 3% or so, and that calculator fails to include it.
[ Parent | on HN ]