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Topic	"Your hourly wage will be 9.50 an hour."
Balrog0 04/05/17 9:44:41 PM #20:	RebelElite791 posted... Balrog0 posted... lilORANG posted... you won't be paying a 25% rate at $9.50/hour lol. Not unless you work 80 hours/week. 25% probably isn't that far off. Your income tax is only gonna be like 3% or something, but payroll and medicare taxes already get you more than halfway to 25 12.5% and 25% is "that far off," assuming that's even a correct estimate. And he won't be paying anything in federal tax and probably nothing in state tax. Combined payroll taxes are over 15% Unless you have minor dependents, tax credits won't make up for your tax burden. Even in California you need to pay state income taxes on 19k in income. I doubt state EITCs make up for it either --- He would make his mark, if not on this tree, then on that wall; if not with teeth and claws, then with penknife and razor. <cite>Balrog0 posted [p:876624811] in "Your... [t:75202952]...</cite> <quote><cite>RebelElite791 posted...</cite> <quote><cite>Balrog0 posted...</cite> <quote><cite>lilORANG posted...</cite> <quote>you won't be paying a 25% rate at $9.50/hour lol. Not unless you work 80 hours/week.</quote> 25% probably isn't that far off. Your income tax is only gonna be like 3% or something, but payroll and medicare taxes already get you more than halfway to 25</quote> 12.5% and 25% is "that far off," assuming that's even a correct estimate. And he won't be paying anything in federal tax and probably nothing in state tax.</quote> Combined payroll taxes are over 15% Unless you have minor dependents, tax credits won't make up for your tax burden. Even in California you need to pay state income taxes on 19k in income. I doubt state EITCs make up for it either --- He would make his mark, if not on this tree, then on that wall; if not with teeth and claws, then with penknife and razor.</quote> ... Copied to Clipboard!
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