----- Original Message ----- From: "Dan Minette" <[EMAIL PROTECTED]> To: "Killer Bs Discussion" <[email protected]> Sent: Saturday, January 15, 2005 1:21 PM Subject: Re: Social Security
> If no one says that they've already calculated this in an hour or > two, I'll go to last year's copy of TurboTax to make a calculation. I calculated the earned income tax credit at: http://apps.irs.gov/app/eitc/SetLanguage.do?lang=en because TurboTax wasn't as quick as I thought. At 20k/year it is $3250. At $39k & 40k it is 0. That is a 6.5% addition to dR/dE .....-6.5% change for dB/dE. Also, I used the wrong number in an earlier post..... > 15.3%, but half of the tax can be deducted from one's income if one is self > employed. If one is in the 25% bracket, that comes to a net rate of about > 13.4%. I should know that, I'm self employed. :-) But, the example we were considering was a family in the 15% bracket at the end, so it is really 14.2%. Anyways, let me add things up. My original guess ~ 26.2%. We've now have included the loss of food stamps and the earned income tax credit, which is a decrease of benefits of 16.3%...this gets us above 40% at 42.5%. Now, we add 7.65% to both the numerator and denominator and obtain about 46.5% as dR/dE. That's much higher than I had before, but still below 50%. Dan M. Dan M. _______________________________________________ http://www.mccmedia.com/mailman/listinfo/brin-l
