2006-12-20 17:28:23 · 5 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
all approx:
Fed tops out at 35%, NY State 7.4%, NY City 4%, Social Security 6.4%
I get about 50% of my total salary in take home (even less after 401K and health insurance)
2006-12-21 07:06:49 · answer #1 · answered by NYC_Since_the_90s 6 · 0⤊ 0⤋
Dhamsta isn't talking about the 35% bracket for the richest of the rich. The article in his link says that 35% of the total federal income tax paid by all people is paid by the top 1% of earners. This is from IRS statistics.
2006-12-21 02:36:35 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
The top federal rate is 35%, add the state income tax which can be zero up to 12% depending on the state they live in. If they are self employed they would then pay FICA taxes of 13% on the first $94,000 of earned income and then 2.9% on everything else that is earned income. Everyone gets the same break on long term capital gain and qualified dividends, and 15% tax rate.
When they die their estate can pay up to 45% federal tax and 16% state tax on assets above $2,000,000. under the $2,000,000 there is no such tax for anyone.
2006-12-20 22:10:58 · answer #3 · answered by waggy_33 6 · 0⤊ 0⤋
The top 1% of taxpayers paid 35% of taxes in 2004 (latest data available from IRS).
2006-12-20 17:53:43 · answer #4 · answered by d 2 · 1⤊ 0⤋
i believe 35% is just federal tax. so if you include state taxes it could be closer to 43%
2006-12-20 21:03:52 · answer #5 · answered by tma 6 · 0⤊ 0⤋