Why was I taxed at a whopping 38% of my income?

[child of wonder]

I wouldn't feel so bad about paying a high rate of taxes if I knew the money was being used appropriately. However, it's human nature to waste money you didn't have to earn and that is guaranteed to be paid to you again the next year no matter how badly you perform; a benefit the government at every level enjoys.

 

[spidey07]

Technically, they stop withholding the SS portion of FICA, not the Medicare portion (which, as you know, has no income limit)!

(and I think Spidey knew and meant it that way! )

Bingo.

 

[iGas]

ALL taxes? In the US? There isn't a 40.7% bracket that I know of in the US?

Canada