Re: Final Table?
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The highest federal tax bracket is 35%.
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Don't forget that our tax brackets are incremental. Event the highest income earners pay less than the highest bracket on the first dollars they earn:
Income
Over Under Tax Plus % Over
$0 $7,300 $0.00 10% $0
7,300 29,700 730.00 15% 7,300
29,700 71,950 4,090.00 25% 29,700
71,950 150,150 14,652.50 28% 71,950
150,150 326,450 36,548.50 33% 150,150
326,450 94,727.50 35% 326,450
I am sure that will look like crap, but on a million, you would pay $94,727.50 + 35% of everything over $326,450. Not counting deductions, credits, etc.
NCACes
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No, I didn't forget, but you had said 35-45%, so I was pointing out that it never gets above 35%.
You can't really calculate the exact figure because it depends on the player's other income for the year. If this is the only money he makes all year, then yeah, it's calculated as you said.
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I wasn't calling you out, just pointing out that the effective rate would be less than 35% on the fed side. I had edited my post because my 35% - 45% was including state and local taxes. I just didn't type it up too well.
You are right, of course, that they highest bracket is 35%, thankfully.
NCAces
NCAces
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