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Comment You'd be surprised how low the 50% bracket reaches (Score 4, Informative) 300

If you make $50K a year, you are in the 25% Federal bracket,and if you are in California another 9.3%, then don't forget social security and medicare - 7.65%, and if you go thru the trouble of being self employed, you get to pay that twice, or 15.3%... OK you're right. It is ONLY 49.6% tax, for a self employed person in California. But, with what you have left you still have sales tax, gas tax, taxes on phone bills, cable bills, car tax (annual vehicle license fee), real-estate taxes... you get the idea.

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