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Law Students aren't unemployed. They are in the same class as self-employed.I completely understand the purpose of a "business" card as an easily accessible and professional form of contact information.
By the mere fact his business exists
Unemployed people should not have business cardsbring us to
Law Students aren't unemployed. They are in the same class as self-employed. If you consider self-employed unemployed. Then private practice law partners (and solo's) are unemployed. By your logic some would say law partners and solo practice lawyers shouldn't have b-cards.?
In 2007 (though you'll be at least 2011 before making $160,000 for a full year) Federal Income Taxes would be as follows:
$160,000 - $5,350 (Standard Deduction) = $154,650 Taxable
Tax = $37,413
Effective Tax Rate = 23.4%
You are still in the 28% tax bracket for the next $6,200 earned.
Married filing Jointly:
$160,000 - $10,700 (SD) = $149,300 Taxable
Tax = $30,797
Effective Tax Rate = 19.2%
You are still in the 28% tax bracket for the next $46,550 earned (bring on the bonus!).
Obviously children significantly reduce your tax liability. As for other witholdings and state income tax, I have no idea, though 15% of Gross Income seems like a good estimate (perhaps someone else can elaborate.) That would mean the following:
Single takehome @ $8,200/month
Married takehome @ $8,773/month