You are missing social security and medicare. We are using this formula to estimate current annual expense. Not retirement expense.Assuming you meant state and federal, under current tax law they won't be nearly that high. The marginal tax rate might approach that, but not your overall tax rate. That will be 16.4% for a VA resident (per the personal finance toolbox Excel tool).
If state and local taxes are 30%....
KlangFool
Statistics: Posted by KlangFool — Sat Jul 27, 2024 2:30 pm — Replies 17 — Views 413