Have you ever used this smartasset calculator to get an idea of what you REALLY have to make in order to take home your ideal annual salary?

[ShortCircuit]

No, I haven't used that tool before, thanks for sharing.

But yeah, you "feel" robbed because you ARE getting robbed. That said, the calculator doesn't automatically factor deductions, so you'll have to subtract the standard deduction from your income before you input it and then add it back to your take-home pay afterward. So that makes it better, but not by much. But keep in mind that the current standard deduction is based on Trump's Tax Cuts and Jobs Act of 2017, which Biden promised to repeal (if Republicans lose Senate control), which would cut the standard deduction in half.

Oh, and that's JUST the federal income tax. Don't forget to add your state income tax on top of that (unless you live in WA, WY, SD, NV, TX, FL, NH, TN, or AK). Plus, some cities add an additional local sales tax on top of that even.

Oh, and part of those federal taxes are being taken out to fund Social Security which you likely won't ever see the benefits of--or if you do it won't be until you're like 80.

Oh, and your salary would be about 15% higher to begin with if you/your employer didn't have to pay payroll tax. Plus, it might've been even higher than that if the company that employs you didn't have to pay corporate tax.

Oh, and all of your savings lose value every time the Federal Reserve prints more money and causes inflation. The average rate of inflation over the last 12 years has been 1.7%. So you can think of it as a hidden annual tax of at least 1.7% on all savings you own. In reality it's more than that because each time the pool of money expands, the big banks scoop up a larger share of it.

I can't say it enough: taxation is theft.

[Redstang88]

Yeah, taxes suck don’t they? Think I’m already paying like 32% income tax, it’ll be more like 45% once I get where I want to be in this field

[ColHathi]

Eh, if the idea is that those taxes go to infrastructure and things like paid education or healthcare, or helping those in need even in other countries, then I'm on board with it. 300k from that guy doesn't seem like enough if you ask me, considering how much he's making.

[Anonymous]

It's a similar thing all around the world, I would expect.
You sign a contract with your company based on a gross salary but what goes into your bank account in net of taxes, pension and a few other bits.
As a rule of thumb, I tend to use gross * 0.7 to work out what I'll really get paid but it depends on your region.

[Hans222]

In Belgium taxes are defiintely higher than that! If you earn 65 k here you'd be happy to go home with just below 40!
If on top of your salary you get any holiday payment or bonus, more than 50% of it is gone 😥

[Jjpayne]

Nope, but that's not something I'm sure I want to mentally do that this moment 😅 I'm currently trying to keep my head empty of worry and financial issues 😊

[FakeName123]

You poor soul. It's not just the income tax you pay, but you have added taxes in everything and every purchase. Sales tax, eco tax, this and that tax, etc. You prolly end up somewhere at 30-50% of your income being taxed.

[nodnol32]

This is why its important to try to have sources of incomes in different countries. You could end up paying less tax on average if your overseas incomes are from countries where taxes are lower.

[SuccessfulHornDog]

Your calculation didn't include state, local or school taxes. Here are the figures for that same family living in Yonkers NY paying NY State Income Tax. Yonkers city tax and property taxes on their home. This doesn''t include sales taxes, or any of the other myriad taxes that we all pay. They pay almost 50% on there income in taxes

[Telekinetic-Potato]

It's a lot, where I live as soon as you make more than like 130 a year you have to pay around 40% in taxes. It's disgusting

[Anpu23]

I have, I'm up for another big promotion and my wife is trying to quit her job. So I've been looking at the minimum I can take for that to happen.

[Eeyore18]

This is to complicatted of a question and I don't understand it. Sorry 😐

[Mehzmeh]

I think I, did once. Because I had to figure out how much I needed to make. As a excutive chef in a small town. To live with the life style, I am accustomed to. Lol

[lanadelrey25]

No, I haven't. But pretty soon I'm gonna have to start thinking about that kind of stuff lol

[douride2]

That works out to about 30%. I make way less then that & the gov. takes taxes off my paycheck to. Still in less then 20 years I own my house & have a nearly new 4x4 truck in my yard that is also payed for. It's called living within your means.

[Finchie40]

I make good money it now I am scared to use that damn calculator lol

[OlderAndWiser]

Yeah, most people think that "rich folks" don't pay any taxes but that is FAR from the truth!

[Chris_u006]

No idea what thst even is.🙄😳
Feel free to teach me!
Thanks in advance!🙏😇

[Tstrbrainer]

Well I don't think I need a calculator. I can pretty well assess it myself

[ElvenMr]

Hope you don't start feeling bad cause people have to pay taxes 😄

[bklynbadboy1]

No I haven't because I already make really good money

[MyBigMystery]

Well if your British you have places you can "live" and pay no tax at all, dam swines

[tjbyrd39]

No because ever really care too much about everything that came with money

[JakeS00]

How crazy! I think I used it once.

[Younghungguy17]

Taxes are what pays for roads, schools, etc

[jimmy2]

I paid over $8,000 in job taxes

[Jamie05rhs]

Okay. But he's still rich.

[Yellovv]

Yeah we are paying too much tax..

[pizzalovershouse]

Nope not ever

[GAGSucksBalls1]

Nope