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Reply to "400k salary and creep factor we never really have much left "
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]No one should pay more than 20% in tax. OP if this is your big expense, invest in a good CPA to help you save.[/quote] How do you get to a 20% tax rate? We pay 30%.[/quote] What is your HHI? I have friends including myself earning between 200-500 HHI, and none of us pay more than 20%. I know someone earning more than 1milliom/year, and he pays almost nothing in tax.[/quote] Then it’s not w2 income! Look w2 income is very heavily taxed and reported directly to the IRS. Then there’s AMT and limitations on deductions. The average 400k HHI is paying out a lot in taxes since it’s likely mostly w2 income. Stop misleading people that someone earning 500k can somehow barely pay any taxes. [/quote]
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