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Taxes

by Mike Grant
3 replies
Curious as to the percentage of taxes paid to total income for other offliners.

There's no need to state your income, unless you'd like to.


I'm strictly curious to see the percentages.
#taxes
  • Profile picture of the author Mike Grant
    I should know tomorrow for myself
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  • Profile picture of the author Mike Grant
    For those wondering, this topic was sparked by another thread.

    Here is the summary:

    if you're married and have a taxable income of $40k you pay $5,169.00 (roughly 13% of your income) for the luxury of living in the united states.

    if you're married and have a taxable income of $1mil you pay $320,362.00 (roughly 32% of your income) for that exact same luxury.
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    • Profile picture of the author joshril
      Originally Posted by mgtarheels View Post

      For those wondering, this topic was sparked by another thread.

      Here is the summary:

      if you're married and have a taxable income of $40k you pay $5,169.00 (roughly 13% of your income) for the luxury of living in the united states.

      if you're married and have a taxable income of $1mil you pay $320,362.00 (roughly 32% of your income) for that exact same luxury.
      Retaining a CPA (which it sounds like maybe you have) is recommended in order to maximize your deductions and minimize your income. If you're in the US, sending out 1099s to your contractors and quarterly estimated tax payments are all things that need to be considered when you're in business for yourself as well.

      --Joshua
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