[Luvya]

$28k/yr, los angeles, ca. 27 years-old.


I really want to figure out the california tax bracket but google fails me

Anyway, I hope someone here will know...

 

[Naga]

i can ask my friend, but at this time he is asleep

i will try to ask tomorrow

 

[1911]

perhaps our resident head-fi financial advisor will know...welly wu..i believe there is a question for you.

 

[Edwood]

Last I checked, Welly Wu did not live in California, but he might have something interesting advice.

BTW, you need to do a Google search on the Franchise Tax Board, which is the name of the Calfornia State Tax agency.

http://swz.salary.com/salarywizard/l...axrate_CA.html

www.ftb.ca.gov

-Ed

 

[Luvya]

No love?

From Edwood's link;

"If your income range is between $22,997 and $31,924, your tax rate on every dollar of income earned is 6%."

This sounds too low to me, I thought I would be taxed 20 to 25 percent. Of course I am not complaining if this is true.

 

[bobeau]

You have to account for federal too...

 

[Blitzula]

2004 Federal Tax Brackets...

http://www.enterprisefunds.com/educa...x/brackets.asp

 

[acs236]

Your federal taxe on $28,000 for 2005 would probably be in the 15% marginal bracket.

 

[Oski]

There is also Social Security Tax (12.4%) and Medicare (2.9%) if you are self employed, half of those amounts if you are employed by someone else:

http://money.cnn.com/pf/101/lessons/18/page3.html

Your tax bracket defined:

http://money.cnn.com/pf/101/lessons/18/page1.html

 

[Luvya]

ca tax: 6%
federal tax: 15%
ss&medical: 7.5%

total: 28.5%

This is not fair

 

[Blitzula]

Some of those are marginal tax rates (i.e. you get taxed at lower rates until you reach a higher dollar amount). Some aren't applicable after you reach a certain level of income (i.e. social security).

People talk a lot about paying over 50% of their income in taxes, but that isn't typically the case if you use the effective rate (total taxes paid/total income).