Came here to say this. It’s a third. Getting to the point where I am worried about getting a raise. Bump me to the 35% bracket and I can’t contribute to my Roth IRAs.
It's more like 40-50% when you tack on all the other garbage that gets taken out of your paycheck. I doubt I'll ever see a dime of social security that is stolen from me every pay period.
I'm my state: 30% of gas, an additional 1% of my paycheck for other people's healthcare, my city takes another 2% of everything I buy... I think my area is just behind California in effective tax rate, which is high forties.
Came here to say this. It’s a third. Getting to the point where I am worried about getting a raise. Bump me to the 35% bracket and I can’t contribute to my Roth IRAs.
That's not how it works. Only this income that is within the new bracket is taxed at that rate. Not your entire pay
I know that but it is more the 11 grand I can’t put into my Roth’s that sucks.
It's more like 40-50% when you tack on all the other garbage that gets taken out of your paycheck. I doubt I'll ever see a dime of social security that is stolen from me every pay period.
And ~7% on everything you buy. And ~1% on everything you own. And ~2% because the fed decides your money is worth less.
I'm my state: 30% of gas, an additional 1% of my paycheck for other people's healthcare, my city takes another 2% of everything I buy... I think my area is just behind California in effective tax rate, which is high forties.
Yeah, no way I'm getting social security when I'm retired. That system is running out fast
It will be there. People will die without it given most retire with nothing
Not counting sales tax. And if you're self employed add another 15%.