Total tax paid
$24,420
Did you know your employer also pays tax on your salary? It costs the employer $4,834 to pay you $71,340. In other words, every time you spend $10 of your hard-earned money, $3.42 goes to the government.
Real tax rate
32.1%
So, with you and the employer both paying tax, what used to be a 27.5% tax rate now rises to 32.1%, meaning your real tax rate is actually 4.6% higher than what it seemed at first.