What is your effective federal income tax rate?

[BurnItDwn]

Last year when I filed, it was about 12%, I expect to pay a bit more this year due to having less things to write off, and slightly higher income.

 

[Mursilis]

Wow, some of you people need to find some shelters or something. I think mine was around ~6% federal last year, according to my tax prep software. I don't think that included SS contributions, though. I'd have to check.

 

[halik]

Closer to 22% this year if I'm running the math right. Two bonuses in one year.

 

[Bateluer]

"Effective" tax rate only has meaning when you measure against all your income. Once you start taking off for deductions, exemptions, etc then it's no longer your "effective" tax rate IMHO.

You can't say someone has an effective tax rate of 17% if they had $1 million in income but managed to get their taxable income down to $100K and paid $17,200 in tax. In my view they have an effective tax rate of 1.7%. That's how much tax they paid on their total income.

Isn't the point of looking at effective tax rates to see how much tax is paid on the total income?

This is how I understand it. No W2 yet though.

 

[cybrsage]

Wow, some of you people need to find some shelters or something. I think mine was around ~6% federal last year, according to my tax prep software. I don't think that included SS contributions, though. I'd have to check.

It shouldn't, since there is nothing you can do to alter that part.

 

[hal2kilo]

You sound like a winner.

You must be new to this forum.

 

[piasabird]

This is a stupid question. With all of the exemptions and credits people recieve, no one is really paying the rate. You would have to be single with no children to pay the default rate and you still get basic exemptions.

The better question would be what percentage of your gross did you pay in taxes?

Maybe another good question would be what percentage of your gross did you give to charity?

My computer crashed, so I would have to download it from the IRS to check it. However, It is deductions like House Insurance, Interest, and Charity that keep me from paying a lot of taxes. I am just about an empty nester at this point.

 

[ichy]

Effective federal income tax rate was 11.6% this year, Maryland was another roughly 6%.

BTW, am I the only one who's not in the least bit surprised that Anarchist420 still lives with his parents?

 

[dank69]

...

BTW, am I the only one who's not in the least bit surprised that Anarchist420 still lives with his parents?

A lot of us already knew that. Poor guy may have to work at some point in his life. :'(

 

[BurnItDwn]

This is a stupid question. With all of the exemptions and credits people recieve, no one is really paying the rate. You would have to be single with no children to pay the default rate and you still get basic exemptions.

The better question would be what percentage of your gross did you pay in taxes?

Maybe another good question would be what percentage of your gross did you give to charity?

My computer crashed, so I would have to download it from the IRS to check it. However, It is deductions like House Insurance, Interest, and Charity that keep me from paying a lot of taxes. I am just about an empty nester at this point.

effective federal tax rate is just that .... federal tax / gross income

It wasn't a question of "which bracket are you in", or "who has the most write offs", and obviously, state income tax, property tax, social security, and all the various sales taxes etc are "seperate" as well ....

 

[JS80]

This is a stupid question. With all of the exemptions and credits people recieve, no one is really paying the rate. You would have to be single with no children to pay the default rate and you still get basic exemptions.

The better question would be what percentage of your gross did you pay in taxes?

Maybe another good question would be what percentage of your gross did you give to charity?

My computer crashed, so I would have to download it from the IRS to check it. However, It is deductions like House Insurance, Interest, and Charity that keep me from paying a lot of taxes. I am just about an empty nester at this point.

lol that's the definition of effective tax rate...

 

[sm625]

No one really knows their true federal tax rate because of all the deficit spending. They set tax rates lower than needed to fund all the spending, then go on a mass borrowing binge. The mass borrowing from the drunken sailor binges dilutes the money supply since the money is borrowed into existence. That money then flows into food and energy and healthcare and god knows where else, causing massive spikes in costs that can be difficult to quantify. That is why they do it, because it hides what is effectively a higher tax rate.

They could in fact lower the federal income tax to zero, and simply borrow more money to pay for their reckless drunken sailor spending. Then all the dumbed down moron sheeple could all worship Romnebama for running an even bigger racket on them. I'm sure there would be plenty of morons running around gloating about how they pay no federal taxes.

 

[Mursilis]

BTW, am I the only one who's not in the least bit surprised that Anarchist420 still lives with his parents?

Eh, so what? Maybe he's taking care of them? Multigenerational households are common in other cultures, and I think they're a more efficient use of resources and better for the building of support networks. I've been trying to convince my mom to live with me, but she'd rather live on her own, which is sad for her, because she's lonely, and bad for me, because I'm called upon to fix every little problem in her rather old house.

 

[ichy]

Eh, so what? Maybe he's taking care of them? Multigenerational households are common in other cultures, and I think they're a more efficient use of resources and better for the building of support networks. I've been trying to convince my mom to live with me, but she'd rather live on her own, which is sad for her, because she's lonely, and bad for me, because I'm called upon to fix every little problem in her rather old house.

Actually my point was that he's probably about 14 years old, which explains his ridiculous handle and his absurd political views. It actually makes his blathering a lot more forgivable, I had some pretty wacky ideas when I was in high school as well.

 

[The-Noid]

...

More than those who derive all their income from companies they bought shares in on the secondary market.

 

[highland145]

2010
16.6% fed
4.6% state
7.85% charitable contributions