News for hackers. Stuff that matters.

A comment on The IRS Sets a Trap for Cryptocurrency Tax Cheats. Parent comment

Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats by ec109685 on Saturday September 26, 2020 @07:00PM (#24602825)
Marginal tax rate is a weird way to look at it when you list a specific salary. You should use the actual effective tax rate that person would pay, which is 34.8%, fico, state and federal.
[ Parent | on HN ]
Re:The IRS Sets a Trap for Cryptocurrency Tax Cheats by refurb on Sunday September 27, 2020 @01:04AM (#24604361)
It's helpful for people making high incomes, but yes, you're correct, it doesn't provide much clarity on the actual taxes paid.

At $220,000 CAD, the tax rate in BC (one of the lowest in Canada other than Alberta) would be 35.8%. In Quebec, it would be 42%.

[ Parent | on HN ]