If two people make 100k a year… you have taxes so basically half is gone. You then are spending around 24k on rent because you definitely don’t own a house or pay morgatage… you need health insurance because you have kids… 25k…
Where is the rest for food gas everything else…
And then you realize that this is what a lot of Americans are dealing with…
Marginal bracket is 12% up to $96950 for a couple, so how are they paying 50% in taxes? With standard deduction and kids, it would end up being about 7.4% federal without including deductions from healthcare or 401k. Another 7.65% for OASDI and Medicare plus state and local ~4% where I am) and max tax would be 19% +/- 4% depending on locale).
If two people make 100k a year… you have taxes so basically half is gone. You then are spending around 24k on rent because you definitely don’t own a house or pay morgatage… you need health insurance because you have kids… 25k…
Where is the rest for food gas everything else…
And then you realize that this is what a lot of Americans are dealing with…
Federal taxes would only be about 20% for a 100k income, filing jointly. That’s assuming you take the standard deduction.
Edit: it would actually be less than 20% because of how tax brackets work, but I don’t want to do that math.
Marginal bracket is 12% up to $96950 for a couple, so how are they paying 50% in taxes? With standard deduction and kids, it would end up being about 7.4% federal without including deductions from healthcare or 401k. Another 7.65% for OASDI and Medicare plus state and local ~4% where I am) and max tax would be 19% +/- 4% depending on locale).