Actually, SET is 15.3% of 92.35% of $40,000 or $5,652, 1/2 of which is deductible from your Gross Income. Or 14.12955%$40,000 - 2,826 - 4300 (assuming single standard deduction) - 2,750 exemption = $30,124 = $5,087 in taxes since $25,750 is at 15%. Total bite of $ 40,000 = 26.85%
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