Think California's proposed minimum wage is too high? Other states too low?
Consider this calculator for what constitutes a living wage, by state, created by an MIT professor.
Think California's proposed minimum wage is too high? Other states too low?
Consider this calculator for what constitutes a living wage, by state, created by an MIT professor.
Oops…. huge problem with the numbers. I looked at 2 adults (one working) with 2 children. They have total taxes at 15%, and factored that into the calculation (i.e. increasing the income number necessary to cover the taxes).
Except that’s wrong. The taxes would be 7.65% for payroll taxes, and there would be NO federal income tax owed. In fact, there would be the child tax credit which would result in a refund over and above any income tax withholding (and the withholding would be refunded too).
How do they do all this work on a calculator like this and get it totally wrong?