Inspired by Beatnik...

Assuming an adjusted gross income of 145,000 -- which, if memory serves, will be the market rate in NYC starting next year -- and being generous to the government by assuming no deductions, we have the following:

14,652.5 Federal Income base tax (roughly 10% rate)

20,454 (28% federal tax rate on income between 71,950 and 150,150)

8,700 NYC 6% income tax

10,694 NY State 7.375% income tax

(H&R Block Calculator said no AMT would apply)

54,500 Total Tax

54,500/145,000 = 37.5%

37.5% =/= 48%

What about medicare/FICA?

Gargh, why do I always forget those two?

I'm fairly certain Beatnik's right about the cap, though.

Even if we take FICA as ~4% over 145k then + what another 3% for medicare?, you're back in the mid 40s

I have to look it up when I get back, I'm not sure either assumption is a valid one. I'm not sure where I put the article with it, but I'm almost that Medicare is 1.45% and the maximum tax cap on FICA is $6,000. (If the tax rate is 6.2% and stops at 95k, it jives with what Beatnik says.)

You might be right about Medicare but if the top cap on FICA is 6000 then 6000/145k = ~4%