The Taxberg
$47,855
Net pay
$4,826
Tax the employer pays
$10,645
Tax you pay
Total tax paid
$15,471
Did you know your employer also pays tax on your salary? It costs the employer $4,826 to pay you $58,500. In other words, every time you spend $10 of your hard-earned money, $2.64 goes to the government.
Real tax rate
24.4%
So, with you and the employer both paying tax, what used to be a 18.2% tax rate now rises to 24.4%, meaning your real tax rate is actually 6.2% higher than what it seemed at first.