Call me the Gary Gardner: My small business grossed almost $400,000 dollars. It was a good year. After expenses and deductions the profit(AGI) was $280,000.
Under Obama’s tax plan:
$280,000 * 39.5% = $110,600
- $110,600
========
$169,400
– $16,642 SS ($106,000 * 15.7%) For 2009
This is if Obama doesn’t raise limit to 250,000
If he does that, which is on the table, then
the SS tax will be $43,960
========
$152,758
– 8,120 (280,000 * 2.9%) Medicare
==========
$144,638
4,800 ($30,000 * 16%)
=========
$139,838
Just for Federal
Under Obama’s plan is supposed to get a respite over the current limit, then be taxed at the 16% rate for the amount over $250,000.
The taxes on the “rich” person above making an AGI of 280,000 Could be: 162,080.
Leaving $117,920.
Wow you socialists are generous folks.
Makes it tough to save eh?
