I'm in a dual income high earner family, and my rate is lower than that (35%). I live in a high income tax state. I included medical + dental + vision, but NOT life/accident insurance, flex accounts etc.
Are you sure you're not counting SPP contributions? And are you deducting the tax refund you get every year (which eventually takes into account all the deductions, etc you get)?
My net pay is only 41% (i.e. 59% is taken out) - but that's due to 401K, ESPP and other voluntary insurances I pay for.
(That pay would effectively be almost 10x what the average person in the US makes a year.)
That’s without oasdi, Medicare, state taxes, city taxes, and insurance.
44% though was high, you’re right about that, because some of that tax was paid up front off of bonuses and will reduce over the course of the year.
I’ll probably end up around 35% without counting retirement and of course without counting all the other nickle and diming taxes that are paid post tax
Ofc not counting social security, medicare, and that state tax that is around half as much as what you are paying federally (which is more than double many other localities).
So you were saying as a combination kind of effective tax rate, got it.
When you first said that 44% number, it was very fishy - because there is a federal cap at 37% :)