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Politics : Formerly About Advanced Micro Devices
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To: Alighieri who wrote (397378)7/9/2008 1:53:35 PM
From: i-node  Read Replies (3) of 1575781
 

You keep spinning negative...this lawyer, assuming his 300K taxable income, he is married filing jointly, tops out at 50% in most states, and that's assuming he is paying 15% FICA and medicare on all his wages.

No, I'm not spinning. If you take a 20% combined FICA/Medicare tax rate, combine it with 10% state income taxes, and a maximum tax rate of 35% federal, that's 65% (a self-employed person pays both sides of the FICA tax, although there is a slight benefit from being able to deduct half of it). That $195K of that $300K is spent on taxes.

If anyone is spinning, it is you, by changing the subject to capital gains and tax shelters (which basically do not exist any longer unless you lose the money you put into them), neither of which has anything at all to do with earned income.
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