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Old 08-25-2008, 07:14 AM
 
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Would it accurate to say almost 50% of your income is deducted in California? I am probably going to be putting 2 or 3% into 401K-company matches it.
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Old 08-26-2008, 03:26 AM
 
Location: Malibu/Miami Beach
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Quote:
Originally Posted by mellabella View Post
Would it accurate to say almost 50% of your income is deducted in California? I am probably going to be putting 2 or 3% into 401K-company matches it.
Very roughly:- state+federal
25% up to about $33k
35%.................$80K
45%.................$350+
If you are earning $150k+ you might think about becoming a business(although that depends on what you do) even though the corporate tax liability may look more, a good tax attorney will be able to mitigate the final bill substantially.
If you are in that position take professional advice.
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Old 08-26-2008, 09:24 AM
 
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there's also county/city tax to consider if you live inside LA.
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Old 08-26-2008, 04:47 PM
 
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I think my husbands salary will be about 150K.....unfortunately on the visa (L1A) he can't have another job or own a business....I can work anywhere or have my won business but he cannot.
it could be over 150K though(I hope!) we aren't sure on how much they will increase the cost of living for us coming from toronto
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