HN hug-of-death...Can't establish a connection to the stream. Interesting idea though.
259 karma · joined April 3, 2020
e.g. for $100K 10% on 9,875 (987.5) 12% on $40,125 - $9,875 (i.e. 12% of 30,250 -> 4,235) 22% on $85,525 - $40,125 (i.e. 22% of 45,400 -> 9,988) 24% on $100,000 - $85,525 (e.e 24% of 14,475 -> 3,474)
This example did not account for the standard deduction of $12,000. So, your taxable income would be reduced by that amount.
so the tax you owe (without accounting for deductions) would be closer to $18,684.50). This excludes FICA which is going to be an additional 7.65% on the example $100k as well as any state and local taxes.
Now, it would also be great if there was a way for the city to set up a voucher system to support the local restaurants as well, so that they'll be able to survive this crisis.