Govt gets their cut

I'm wondering about the taxes that would be due at the end of the year. say you made 100K. The tax on that would be 30K or so. Now do they take the remaining 70 k and make you pay personal income tax on that? I got a feeling the govt is gonna double dip thi earnings.

anyone out there care to chime in on how much is really left of your initial 100K?

putncall said:

I'm wondering about the taxes that would be due at the end of the year. say you made 100K. The tax on that would be 30K or so. Now do they take the remaining 70 k and make you pay personal income tax on that? I got a feeling the govt is gonna double dip thi earnings.

anyone out there care to chime in on how much is really left of your initial 100K?

Click to expand...

In the United states 100k would probably experience 35k cut
this should include medicare federal state social security and income.
If this is your income from your business trading or what not....there are ways to go around this. Any avenue you take on not wanting to pay the 30k would require you to stash that money and not use it....something you have to deal with