Quote:
Originally posted by artplumber
Bill apparently has "new tax math". Or both of our accountants are worth poo-poo...
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Apparantly you and or your accountants don't know what a payroll tax is
Income tax + ss tax + medicare tax = payroll tax
and don't try to make the sale that ss & medicare aren't really taxes, it all goes to the same pot and is spent immediately on wonderful things like cheese museums and bridges to nowhere
your effective tax rate is what you get when the sum of your taxes is divided by your net
Dig out your tax forms from last year, don't forget that if you are not self employed your boss paid 7.65% more of your taxes on all earned income up to $94.2k, if self employed you already know and aren't likely to forget what you paid.