on $175k married filing jointly put me in the 28% bracket federal (21% effective tax rate), 9.3% California tax rate (7.6% effective tax rate), 5.65% FICA, for a total of $60k tax liability. I reduced this with mortgage deductions, business expenses, home office, charitable donations, retirement and medical savings plan deductions.
63K taxes for 370K reported income.
Edit: forgot the AMT.
I assume that is USD? That amount is mind boggling to me. I am making 50k usd (45k eur) with a few years experience. You pay more tax than I earn.
Yes, USD. Experience count. After some more years of work, you could make as much.