Yes, after deductions, 401k deferrals, and child tax credits, you don't end up paying but about $5-$10k at $120k/yr. My effective tax rate was 14% last year (no kids, but married) on about $220k. This year will be about 16% and next year about 18% on ~$300k. If we had kids it'be a couple points less.
didn’t realize. I’ve never made over $40k and that was just one year with a helluva lot of 80 hour work weeks. Normally it’s been about $25-30k. Blue collar ‘wages’ have gone up maybe 10-20% over the last few decades. Meanwhile the price of most everything doubled or tripled. Guess I should have stayed up north or moved back and gone union. My dad did ok being blue collar, non union but that was the good old days. Then again, he couldn’t afford to send any of us to college so...