No. of Recommendations: 3
Here's a common situation:

Federal Income tax 33%
State Income tax 7%
Self employment tax 12% (SS and Medicare is doubled for the self employed).
Property tax $10,000/yr.

Some of these are cross deductible, which reduces the tax bill marginally, but there you have around 50% take home. Add 8% sales tax. Gas tax. Fees and more fees. The capital gains part of income taxes, even though, as a part owner, we have already paid corporate tax. Tax on top of tax. For our rulers, it is never enough.


That's not common. Exactly zero people have that situation.

If you think this is the case, your accountant is embezzling from you.
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