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Personal Finance (Not Investing) • What was your effective tax rate in 2023?

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48% here in California, 36% is federal. And no... this is not marginal, this is average or effective.
Congratulations!! Even without any deductions, you must have made a killing. It gets even better once you add deductions.

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



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