A single 39-year-old physician living in Portland, Oregon working 1 hour a day doing telemedicine, earned a gross income of $86,500 in 2017. What’s even more delicious is that he only paid $10,000 in taxes for all of that income. Federal income taxes came out to 7% – $6,000. State income taxes came out to 5% […]
Imagine a family of 3 living in Arizona. 1 parent working part-time, 1 parent staying at home with a 5 year-old child. If the working parent can generate $60,000 in annual wages then the total tax, including federal, state and payroll (social security + medicare) would come out to $2,176. That’s a 3.6% effective tax rate, which […]
Thorough Overview of US Taxes When you ask people what their biggest expense is they often will reply with ‘mortgage’ or ‘tuition’ or ‘child expenses’. However, stats show that Americans spend the majority of their income on taxes. Our tax system and tax laws are absurdly complicated so here I offer a simple overview […]