When seeking employment and the employer quotes a salary of $35,000 for example, is that quote before all applicable taxes? So, would $35,000 @ 20% tax rate, give or take, actually be a $28,000 salary?
2007-07-17 07:50:02 · 2 answers · asked by pubcubby 1 in Business & Finance ➔ Taxes ➔ United States
Normally, yes. The amount quoted is normally your gross salary, before any taxes or other deductions.
2007-07-17 07:57:40 · answer #1 · answered by davidmi711 7 · 0⤊ 0⤋
The amount quoted is before taxes.
A particular tax bracket doesn't mean that's the percent you pay on your whole income - some amount isn't taxed, then the next so many dollars is taxed at 10%, then 15%.... until you get to your bracket. There will also be 7.65% deducted for social security and medicare, plus possible other deductions for state and local taxes.
2007-07-17 08:01:02 · answer #2 · answered by Judy 7 · 0⤊ 0⤋