By my estimation and IRS calculator, his tax liability is probably under 20%. Probably. This assumes about 15% is being taken out for healthcare and retirement however, so yeah, the net paycheck will be approximately 30-40% lower than gross.
I’d estimate OP has $440 a month left over after all the list expenses.
No one is paying 40% total tax rate unless they are single, make $350,000+, and live in a high tax area (NYC, San Francisco). If you are married, you have to make at least $800,000 to pay 40% overall.
Look through the thread and you will see people showing their work and coming up with similar numbers. 40% was a rough estimate off the top of my head. Figures from a recent paystub of mine: gross income of $2700.80, net income of $1774.41. My deductions are more than just taxes, but regardless that is an effective reduction in pay of %35.31. This is a real life figure that the others may be similarly subjected to, as opposed to the numbers you get out of a calculator.
numbers don’t check out
lists $2250 expenses… 100 hours of work per month would cover it
I know they have other expenses, but they failed to list them and failed to make their point.
100 hours of work if the money is tax free (it’s not). Taxes take about 40% of your gross income so on $23/hr hr can’t afford the listed bills.
By my estimation and IRS calculator, his tax liability is probably under 20%. Probably. This assumes about 15% is being taken out for healthcare and retirement however, so yeah, the net paycheck will be approximately 30-40% lower than gross.
I’d estimate OP has $440 a month left over after all the list expenses.
$440 per month to pay for gas, utilities, phone bill, insurance, incidentals, etc. You can forget about savings completely.
I don’t think OP is too far off the mark.
Use this tax calculator; it includes FICA, state taxes, and local taxes:
https://smartasset.com/taxes/income-taxes
No one is paying 40% total tax rate unless they are single, make $350,000+, and live in a high tax area (NYC, San Francisco). If you are married, you have to make at least $800,000 to pay 40% overall.
Nowhere in the USA will you be taxed 40% of your income, I’m amazed such a blatantly obvious statement is being so heavily upvoted
Look through the thread and you will see people showing their work and coming up with similar numbers. 40% was a rough estimate off the top of my head. Figures from a recent paystub of mine: gross income of $2700.80, net income of $1774.41. My deductions are more than just taxes, but regardless that is an effective reduction in pay of %35.31. This is a real life figure that the others may be similarly subjected to, as opposed to the numbers you get out of a calculator.