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What makes more money IT Audit or IT GRC?
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What makes more money IT Audit or IT GRC?
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Sorry for the meme but I know the feeling. Got a huge bonus this year and almost all of it I s going to taxes.
You may want to connect with your accountant so you understand the details here better. Your math doesn’t add up. The most likely answer is that you have very conservative prepayments/withholdings and will end up having significantly overpaid taxes (which you can roll forward or get a refund on), rather than that you are paying taxes at an aggregate rate of 52.5% on your taxable income.
I am not following your math. Out of $700k, you paid $200k in taxes, $47k insurance, $38k pension contributions, and $23,500 in 401(k). Your net is closer to $390k, after fully funding retirement accounts.
My income was $700k but my actual distributions were $480k. There are other firm taxes that are held back (for taxes that the firm pays on the partners’ behalf).