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Subject:  Re: I May Open My Veins Date:  1/21/2013  5:01 PM
Author:  Wradical Number:  117483 of 132126

i wonder if he got that figure by the old canard of adding up all the marginal rates + sales tax (+ property tax?)

especially outrageous would be the self-employed (?) 15% FICA on the first 115K of his 45 million

Well, the 15.3% Self-employment tax rate (13.3% in 2012) is two numbers:
12.4% of Social Security and 2.9% for Medicare.

The 12.4% applies up to the FICA limit. The Medicare rate is umlimited.

Of course it's possible that some or most of his endorsement income - for use of his name, image, etc., might be characterized or reportable as a royalty, and if so, it's not self-employment income. Better yet, maybe it's payable to his trust in Bermuda.

With clients like that, there's always good possibilities.

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