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Money and Finances
Reply to "Just saw our federal tax bill and nearly fainted"
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[quote=Anonymous][quote=Anonymous]If OP is self-employed, I totally understand. Let's say: fed income tax - 25% MD income tax - 10% self-employment tax - 15% coming soon - $$$ Obamacare tax penalty (if you cant afford health insurance) Total Tax - 50% + Obamacare tax penalty And the Democrats say you should pay more (by repealing the Bush tax cuts - which cuts helped everybody, not just rich people)[/quote] Oh please, this is such bullshit. My spouse and I are both self-employed (for tax purposes) in DC, and my total tax liability was just over 27.5% - Fed income tax, DC Tax, and "self employment tax" (which actually is just a component of federal income tax). HHI of mid 6 figures, and we don't have any extraordinary deductions. [/quote]
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