DON‘T KNOW HOW ACCURATE THIS IS BUT LOOKS LIKE THERE IS MORE TO CONSIDER
GPT-mini gives this for NY city
Assuming a $4,000,000 gross income and using the prior estimated combined effective tax rate of 59.5%:
- Taxes paid: 4,000,000 × 0.595 = $2,380,000
- Spending money (after taxes): 4,000,000 − 2,380,000 = $1,620,000
So you'd have about $1,620,000 remaining to spend (before accounting for any other deductions, retirement contributions, or itemized expenses).
it gives this for Lexington Ky assuming 3 million
Combined approximate effective tax rate: 34% (federal) + 5% (state) + 0% (local) + 2.7% (FICA) ≈ 41.7%.
Calculations:
- Total taxes ≈ 3,000,000 × 0.417 = $1,251,000
- After-tax (spending) money ≈ 3,000,000 − 1,251,000 = $1,749,000
Estimated spending money: about $1,749,000 (rounded).