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#1
08-02-2005, 01:00 PM
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Re: favorite charities
It's easy to hit the 33% tax bracket, and social security/medicare comes to 15.3% if you're filing as a professional poker player, for example.
With deductions and the fact that social security caps around 80k, it's hard for your effective rate to actually be 40%, but I'm sure some people are close. 
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#2
08-02-2005, 01:15 PM
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Re: favorite charities
[ QUOTE ]
It's easy to hit the 33% tax bracket, and social security/medicare comes to 15.3% if you're filing as a professional poker player, for example. With deductions and the fact that social security caps around 80k, it's hard for your effective rate to actually be 40%, but I'm sure some people are close. [/ QUOTE ] My Medicare withholding is like less than 1/4 of my SS withholding (before the SS cap), so combined they are well under 10%. How are other people getting their rates so high? This is assuming that you're not filing as a pro.
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