I just received my last W-2 today and promptly entered it into TaxAct and finished my taxes. Seems I must be "rich" since my Federal tax liability went down by over $1000 - which is just over a 17% reduction from last year.
My exemptions and deductions were also increased this year due to the marriage penalty tax being taken away.
Also my tax credits(after tax liability) went up by a few hundred. The child tax credit doesn't really show up in the numbers since it is taken away internally so basically my credits were $800 more than what the software and numbers show since I got the check last fall.
But yeah, my "rich" household income of ~60K (give of take a few K) didn't get anything from the Bush tax cut - it must have gone to all the "rich" 70+K incomes
Anyone else figured their taxes yet? I'm curious to see peoples change in FEDERAL TAX LIABILITY numbers from last year. Now I should state that if you saw an increase in salary your numbers will be skewed a tad, but my household income numbers stayed approx the same this year. Anyone wish to share numbers or Federal tax liability % change?
CkG
My exemptions and deductions were also increased this year due to the marriage penalty tax being taken away.
Also my tax credits(after tax liability) went up by a few hundred. The child tax credit doesn't really show up in the numbers since it is taken away internally so basically my credits were $800 more than what the software and numbers show since I got the check last fall.
But yeah, my "rich" household income of ~60K (give of take a few K) didn't get anything from the Bush tax cut - it must have gone to all the "rich" 70+K incomes
Anyone else figured their taxes yet? I'm curious to see peoples change in FEDERAL TAX LIABILITY numbers from last year. Now I should state that if you saw an increase in salary your numbers will be skewed a tad, but my household income numbers stayed approx the same this year. Anyone wish to share numbers or Federal tax liability % change?
CkG