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Old 03-28-2014, 05:27 PM
baalzy baalzy is offline
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^ this guy doesn't understand progressive taxes.

Edit: Nvm, did the math. Apparently I'm just an asshole. My argument was much better before I remembered to include SSi & Medicare taxes.

Federal minimum wage = 7.25 / hour. 7.25 * 40 hours a week * 52 weeks = 15080/year.
Tax rate on SSi/Medicare = 7.65% = 1153.62 taxed on that = 13926.38 net income before income tax
2014 standard deduction = 6200 = 7726.38 taxable income.

Lowest income tax bracket of 10% ends at 9075. 7726.38 < 9075
10% of 7726.38 = 772.64

772.64 + 1153.62 / 15080 = 12% effective tax rate

(2014 rates & deductions)
http://www.forbes.com/sites/kellyphi...unts-and-more/

(Note: Assuming single and no children).
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Last edited by baalzy; 03-28-2014 at 05:43 PM..