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Political Discussion
Reply to "Ryan's Tax Rate"
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[quote=jsteele][quote=Anonymous]The Social Security tax rate for self-employed is 10.4 percent through the end of the year. The Medicare tax rate is 2.9 percent for self-employed. Income 35 ss 10.4 med 2.9 Md tax 5 ..53.3%[/quote] The 35% rate is marginal and only applies to income over $388,351. Everything below that is taxed at a lower rate. What the OP is trying to point out is that anybody whose effective income tax rate is 35% needs a better accountant. Using Ryan as an example, in 2011 he and his wife had an adjusted gross income of $323,416. That should have put them in the 33% bracket which is the second highest bracket and only 2% lower than the highest. But, their effective rate was 20%. [/quote]
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