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The Water Cooler
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Joe and Jose...
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<blockquote data-quote="inactive" data-source="post: 1881806" data-attributes="member: 7488"><p>If you make 52,000 per year with a family of four (2 adults, 2 children) married filing jointly, even with no credits for child care or education expenses (so just the $1000 per kid child credits), and taking the standard deduction (so no itemization of mortgage income, health care expenses, charitable donations, etc), you don't pay 30% in taxes. More like $800 in Federal Income and $1400 in State over the entire year. That $2200 is about 4% of his 52,000 in income. Social Security and Medicare would total around 3,200 more. </p><p></p><p>Joe pays about 10% in taxes. Not 30.</p></blockquote><p></p>
[QUOTE="inactive, post: 1881806, member: 7488"] If you make 52,000 per year with a family of four (2 adults, 2 children) married filing jointly, even with no credits for child care or education expenses (so just the $1000 per kid child credits), and taking the standard deduction (so no itemization of mortgage income, health care expenses, charitable donations, etc), you don't pay 30% in taxes. More like $800 in Federal Income and $1400 in State over the entire year. That $2200 is about 4% of his 52,000 in income. Social Security and Medicare would total around 3,200 more. Joe pays about 10% in taxes. Not 30. [/QUOTE]
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