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Oct 27, 2021
9:29:15am
DrYfire Contributor
Here's a big way $400K in SF isn't rich
Your Fed Income Tax rate: 35%
Your California Income Tax Rate: 11.3%
San Fransico Income Tax Rate: 1.5%
FICA Taxes: 15.3% (this one isn't lowered by 401K contributions)
Total taxes on Income: 63.1%

$400K * 63.1% = $253K paid in taxes
The good news is, your taxes will go to good causes and none of it will be wasted.

$400k - $253K = $147k that you actually make

Makes you wonder why so many people from San Fransicso want to raise taxes on the "rich" and want the "rich" to "pay their fair share".

San Fransico Property Tax: 1.1801% (0% since you rent, but it's also one reason you can't afford to buy)
Sales Tax: 8.5% (only paid on things you buy)
The cost of living in Salt Lake City, UT is -46.2% lower than in San Francisco, CA.

I would be looking to move as well.
This message has been modified
Originally posted on Oct 27, 2021 at 9:29:15am
Message modified by Dryfire on Oct 27, 2021 at 10:37:36am
DrYfire
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DrYfire
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Apr 27, 2024
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10/27/21 8:42am

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