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Oct 27, 2021
10:36:25am
DrYfire Truly Addicted User
It was a bit of an oversimplification. You are correct about federal
income taxes being a blend of all the tax rates up until his max rate.

You are incorrect about the employee not paying the full 15.3% for FICA taxes. His employer has already shown they are willing to pay an extra 7.65% for his services. Remove the tax obligation and supply and demand in the labor market moves his salary up accordingly.

I knew someone would call me out on the 15.3% FICA tax rate... That's why I threw it in there at 15.3% instead of 7.65%. If more people realized it is actually 15.3%, there would be more pushback when politicians try to raise taxes.
This message has been modified
Originally posted on Oct 27, 2021 at 10:36:25am
Message modified by Dryfire on Oct 27, 2021 at 10:44:57am
DrYfire
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DrYfire
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10/27/21 8:42am

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