Congratulations!! Even without any deductions, you must have made a killing. It gets even better once you add deductions.48% here in California, 36% is federal. And no... this is not marginal, this is average or effective.
For example, if you are MFJ taking standard deduction with no credit or adjustments, to get to the 36% federal, your income without any deduction must be the solution for this algebra.
$27,700 + $186,601.50 + 0.37 × ($X - $693,751) = 0.36 × $X
which is $4,238,637. Congrats for a successful year!
https://www.nerdwallet.com/article/taxe ... x-brackets
Statistics: Posted by Workqa — Sat Apr 20, 2024 6:33 am — Replies 70 — Views 3622