04-05-2018, 02:58 PM | #1 |
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What's your income tax rate?
Just got my taxes done. Wife and I are primary W-2 income earners, also have to pay federal AMT. All exclusive of penalties of $100 I owe to fed and $32 I owe to state for underpaying taxes throughout the year.
Federal: 15.9% of AGI California State: 5.8% of AGI Total effective tax rate for federal and state combined: 21.7% Type: File jointly Exemptions: 2 kids No one is a disable, blind vet over 67. Schedules: A, B, D 8949, 2441, 6251, 8960, 8801, 8283
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04-05-2018, 03:34 PM | #2 |
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I wish I knew....
Still waiting for my work to send me my K1. Cant file and our accountant is slammed so we had to do an extension. I hate filing extensions. I'd rather file on time and get that sh*t done with! |
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04-05-2018, 03:34 PM | #3 |
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For 2016:
Federal: 19.1% of AGI (Mostly Schedule C) No AMT, No state Self-employment: 9.4% (double social security up to cap, double Medicare with no cap) Haven't finished 2017 yet.
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Flying Ace5042.50 |
04-05-2018, 03:39 PM | #4 | |
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04-05-2018, 03:40 PM | #5 |
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you're right. Thanks for clarifying. My marginal (bracket of the last dollar) is 33%.
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04-05-2018, 03:58 PM | #6 |
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Not sure what mine is, but I get lots of deductions to lower my rate. Not sure if trump tax rules take effect for 2017 or 2018? I decided not to pre-pay my property taxes, we'll see how it goes next year.
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04-05-2018, 04:00 PM | #7 |
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The SALT deduction effects your 2018 tax obligations.
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04-05-2018, 04:36 PM | #8 |
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LOL Americans.
Can just about double that here. |
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04-05-2018, 04:42 PM | #9 |
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04-05-2018, 04:48 PM | #11 |
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04-05-2018, 04:49 PM | #12 | |
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Oh man don't get me going....we are robbed blind here! |
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04-05-2018, 04:50 PM | #13 |
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but it could be a 997...in America
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04-05-2018, 05:00 PM | #16 | |
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We also have a sales taxes, although far less than 13%, property taxes, mobile phone taxes, etc. (not to mention $1,400/mo. for high deductible health insurance). It would be interesting to do an apples-to-apples comparison across countries because simply comparing income tax rates isn't necessarily comparable.
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04-05-2018, 06:19 PM | #19 |
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i can beat you all, i make poverty level income in san francisco, claim 0 for taxes, and still owe $3k additional to FED this year. my effective tax rate with FED and state combined is 29%....wtf is happening??
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04-05-2018, 06:23 PM | #20 |
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Joke?
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04-05-2018, 06:35 PM | #22 |
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for SF...lol, ok.
But 29% effective is high. What's the fed and state breakdown? HUD says you qualify for Section 8 housing:
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