Total tax paid
$24,068
Did you know your employer also pays tax on your salary? It costs the employer $2,660 to pay you $88,656. In other words, every time you spend $10 of your hard-earned money, $2.71 goes to the government.
Real tax rate
26.4%
So, with you and the employer both paying tax, what used to be a 24.1% tax rate now rises to 26.4%, meaning your real tax rate is actually 2.3% higher than what it seemed at first.