Re:My startup failed, then I found out I was unemployable
by whack on Tuesday April 13, 2021 @01:07PM
(#26795494)
The federal tax brackets are the same everywhere you go. If you're married and making 350k, most of your income will fall in the ~23% tax bracket. And a small portion will be taxed at 32%.
The main variable is state taxes. If you're living in California, most of your income will be taxed at ~9.3%. With a small portion taxed at 10.3%.
So your marginal tax rate will be 43%, and your overall tax rate will be closer to ~33%.
Nit: USA does not tax bonuses any differently from salary. They are both interchangeable, when computing taxes. Also, all income-percentile metrics in USA are based on pre-tax income, not post-tax.
https://taxfoundation.org/publications/federal-tax-rates-and...
https://www.nerdwallet.com/article/taxes/california-state-ta...
Re:My startup failed, then I found out I was unemployable
by thebean11 on Tuesday April 13, 2021 @05:18PM
(#26799448)
I'm seeing 38% effective tax rate with 300k in CA all things considered. But anyway I agree, 50% of bonus doesn't reflect the total amount or the way things are taxed.
Re:My startup failed, then I found out I was unemployable
by 6gvONxR4sf7o on Tuesday April 13, 2021 @01:17PM
(#26795683)
Since silicon valley is in california, yeah you're probably paying about 39% to taxes, leaving you $212k of your $350k.
(using this tax calculator https://smartasset.com/taxes/california-tax-calculator#zj8lo...)
50% of bonuses? That seems low, it's closer to 50% of total comp (maybe 40-45) in the places where these salaries are common.