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/biz/ - Business & Finance

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16845309 No.16845309 [Reply] [Original]

So let me get this straight, I'm a self-employed 24 year old single male making $100k. so this means I have to pay 15% ssi and medicare + 24% federal + 9% CA state tax = 48% tax? wtf?

>> No.16845318
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16845318

>>16845309
>living in California

>> No.16845407

>>16845309
There's marginal and effective tax. You'll still be paying like 40% though

>> No.16845443

>15% ssi and medicare

what? im self employed too and dont pay that

>> No.16845455

Just don't pay state taxes. California is incapable of enforcement of state tax collections.

>> No.16845546

>>16845455

Gonna need a source on that esse

>> No.16845554

>>16845443
Federal tax
Fica tax (15% split between employer and employee)
State tax
Local tax

If you're not paying fica you're either making all your money from capital gains or you're simply not paying taxes you owe.

>> No.16845576
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16845576

>>16845309

u dumb? it's more like 29% total. still a bullshit high amount since all taxation is theft.

>> No.16845849

The average American is a Mexican. So no.