How much tax would the chairman of Goldman Sachs have to pay on his $53.4million dollar bonus last year?

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How much tax would the chairman of Goldman Sachs have to pay on his $53.4million dollar bonus last year?

2007-10-01 09:35:54 · 2 answers · asked by kelvin s 1 in Business & Finance ➔ Taxes ➔ Other - Taxes

2 answers

Chances are the tax would be a combination of:

Fed: 35%
NY: 6.85%
NY City: 2.85% (if he worked and/or lived in the city he will pay this tax)

Total marginal tax rate is 44.7%, so about $24 million in income taxes.

2007-10-03 13:01:10 · answer #1 · answered by Nick, CPA 2 · 0⤊ 0⤋

That would depend upon how it's structured. If it was paid in cash, he'd pay right about 35% in Federal income taxes on it.

2007-10-01 16:38:47 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋