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Reply to "What's your effective tax rate?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous]$825k, 25.5%. Self employed, not salary, so that includes SS and Medicare contributions.[/quote] Well, sure. My 5% rate goes up to 16% when I include those things. But we know from TV that Medicare and Social Security aren't "taxes".[/quote] Point being that the self employed pay those things along with income taxes, including what would otherwise be the employer's portion of SS and Medicare. If you take all that out, then the rate is more like 20%. [/quote]
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