42 percent of new cancer patients lose their life savings

Re:42 percent of new cancer patients lose their life savings by desertrider12 on Friday October 19, 2018 @11:28PM (#18261582)

If your gross income is $80,000, overall federal income tax is 17%. There's also the 12.4% social security tax and the 2.4% Medicare tax, so the overall rate is 32%. State income tax varies (in CA it's 6% on the $80000, in TX it's 0%).

The equivalent UK income is 61200 GBP. Income tax is is 21%, and National Insurance is 8% for 29%. This doesn't include the 20% VAT on most goods and services, but that also doesn't apply to all your income (doesn't apply to savings, housing, utilities).

Sources: https://www.irs.com/articles/2018-federal-tax-rates-personal... https://www.fidelity.com/viewpoints/personal-finance/new-med... https://www.gov.uk/vat-rates https://www.gov.uk/national-insurance/how-much-you-pay https://www.gov.uk/income-tax-rates

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Re:42 percent of new cancer patients lose their life savings by guitarbill on Saturday October 20, 2018 @12:51AM (#18261827)

If you calculated the equivalent income by converting dollars to pounds, that isn't a good measure of equivalence. £61k is a huge salary, especially outside London. It's even high for a programmer 5 years in. Whereas there are plenty of roles that pay $80k, and it would be insulting for most programmers out of uni.

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Re:42 percent of new cancer patients lose their life savings by desertrider12 on Saturday October 20, 2018 @01:02AM (#18261843)

You're right, using the PPP to GDP ratio says the pound has 1.11x the purchasing power of an equivalent amount of dollars. (equivalent meaning by foreign exchange rates)

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