How much tax on a million dollars in the USA?

How much tax on a million dollars in the USA?

Postby featherstone4 » Wed Feb 16, 2011 12:52 am

Are we talking sales tax, income tax, what?
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How much tax on a million dollars in the USA?

Postby eardley » Wed Feb 16, 2011 12:54 am

Are we talking sales tax, income tax, what?
Your question is too ambiguous. An ambigous reply would be about 30-40%
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How much tax on a million dollars in the USA?

Postby fynbar88 » Wed Feb 16, 2011 12:58 am

It would depend on how you received the money and what state you lived in.
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How much tax on a million dollars in the USA?

Postby alberto » Wed Feb 16, 2011 1:00 am

If that was your annual salary - $350,000Fed Income Tax, $120,000 CA State income tax, and $200,000 payroll tax. That leaves you with a cool $330,000

If it was a bonus, you can expect to give about $600,000 to the government.
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How much tax on a million dollars in the USA?

Postby faing23 » Wed Feb 16, 2011 1:04 am

If that was your annual salary - $350,000Fed Income Tax, $120,000 CA State income tax, and $200,000 payroll tax. That leaves you with a cool $330,000

If it was a bonus, you can expect to give about $600,000 to the government.
I'm sure that depends on how much you're willing to pay an accountant.
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How much tax on a million dollars in the USA?

Postby venjamin19 » Wed Feb 16, 2011 1:07 am

For a single person the 2010 US Federal Tax would be $101,085.50 plus 35% of all income over $373,650

This produces a Federal tax bill of $320,308.

If you lived in Calif you would be paying an additional $93,209.77 in state income taxes.
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How much tax on a million dollars in the USA?

Postby corley » Wed Feb 16, 2011 1:10 am

a million dollar income will qualify you to be the top 20% of income earners
url_not_allowed.wikipedia.org/wiki/Hidden_tax

after paying 70% in federal taxes
depending on which state you live in
for example 10% state tax
you will end up with paying 80% of your one million dollars


so you take home approximately 200,000
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