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Reply to "Is my bonus being overtaxed or is this normal?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Now you understand how terrible it feels when you are in the top income bracket, half is basically taken from you.[/quote] If you're in the top tax bracket -- meaning you effectively gross $500,000 a year -- and feel "terrible" that you pay a higher rate of tax on every dollar after that amount -- you need to be smacked upside the head.[/quote] Half is a lot [/quote] 1) It's not half. It's more like 41% all-in, including foregone PEPs and Pease and the extra Medicare tax. 2) It's a marginal rate. The first $500,000 is taxed at considerably lower rates. (I'm talking about GROSS income and using an approximation, as well as assuming a normal set of deductions). 3) Thank God we live in the US, where tax rates are so much lower than elsewhere.[/quote]
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