A comparison of FEDERAL TAX RATES. These do not include other taxes we pay, as I mentioned in class, such as sales tax, school tax, county tax, city tax, Tarrant County Community College District, Tarrant County Hospital District, gas tax (State and Federal), tariffs embedded in products/food you buy, etc...You can easily see how these would get you up to the $40,000 to $50,000 range in taxes you pay on $100,000. Keep in mind, some of these taxes you can deduct from your Federal Taxes (property taxes) IF you itemize your deductions (gets complicated, doesnt it??)...In the US, your employer "contributes" (not optional) the same amount, dollar for dollar, you do in Social Security taxes AND Medicare taxes. I am not sure this is included in the calculations for the graph.
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