Your effective federal tax rate for 2011
Just for grins, as you finish up your taxes for the year... Figure out what you actually owe/pay the gov't for federal income taxes for the last year, and divide that by your total income.
I had another kid (3 now) and my wife works at home, I was shocked at how low my actual amount is given my income... I'm not done with my taxes yet, but its already looking like its going to be under 2%. |
I haven't done mine yet, but I got my 1099 last week and just about fainted. I'm going to owe some money this year.
Effective tax rate will probably wind up at around 35-40%. |
Originally Posted by Joe Perez
(Post 829389)
I haven't done mine yet, but I got my 1099 last week and just about fainted. I'm going to owe some money this year.
Effective tax rate will probably wind up at around 35-40%. |
Here are 2 laws that will make for REAL change:
- No withholding taxes from paychecks - all taxes due on April 15th; you write a fatass check to the IRS - All elections, local and national, on April 16. |
Originally Posted by shuiend
(Post 829393)
I distinctly remember about 2 years back you having to write a check for around 50k to the IRS for your taxes.
I was a good boy this year- did my estimated taxes conservatively and everything. I just happened to land a couple of big jobs that kinda paid more than I had anticipated... So is there ever a year that you don't owe money? |
Originally Posted by JasonC SBB
(Post 829415)
Here are 2 laws that will make for REAL change:
- No withholding taxes from paychecks - all taxes due on April 15th; you write a fatass check to the IRS - All elections, local and national, on April 16. Unfortunately, we're already deficit-spending as it is. Reducing the amount of money collected in taxes is not going to automatically decrease our spending. |
Originally Posted by Joe Perez
(Post 829389)
I haven't done mine yet, but I got my 1099 last week and just about fainted. I'm going to owe some money this year.
Effective tax rate will probably wind up at around 35-40%. I would expect we will fall between 12% and 19% this year as measured above. |
Originally Posted by Joe Perez
(Post 829419)
Reducing the amount of money collected in taxes is not going to automatically decrease our spending.
|
Originally Posted by JasonC SBB
(Post 829415)
Here are 2 laws that will make for REAL change:
- No withholding taxes from paychecks - all taxes due on April 15th; you write a fatass check to the IRS - All elections, local and national, on April 16. Also, the first law that would be passed would be to require employer witholdings of anticipated income taxes. Just sayin' Edit: I'm at 9.8% effective tax rate for 2011 |
Looking at 14.1% filing jointly.
Going for beer with Romney brb. |
Originally Posted by Scrappy Jack
(Post 829429)
If you are using the numbers Mr. Ferrell is (line 60/line 38 on the 1040), you may need a better financial planner. ;)
I am single, with no dependents and no mortgage. I am self-employed, so I have to file Schedule SE and pay an additional 13.3% tax on my gross (sans deductions), above and beyond the normal income tax. None of my income for 2011 was from capital gains. |
if my w2 would ever show up..........
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Originally Posted by fooger03
(Post 829463)
Wouldn't work - what percentage actually pays enough federal income taxes that it makes them unhappy?
Nobody (except Buffett) is going to say "No, I don't think I pay too much in tax." However, it's my personal opinion that it is unfair that I, a non-millionaire, have to pay considerably more (both as a percentage and in whole dollars) then anyone else who receives the same level of Federal services. So in that way, it's not really a fair scenario to begin with.
Originally Posted by Braineack
(Post 829430)
And increasing revenue isn't going to stiffle it either...in fact the opposite effect is always the norm.
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Damn you Joe for correcting your sand deductions! I had a funny, but it wouldn't make a damn bit of sense now.
Ours looks to come out to about 14% effective. We take full advantage of all possible qualified tax deferrals like her 403B and such. |
Originally Posted by rharris19
(Post 829475)
Damn you Joe for correcting your sand deductions! I had a funny, but it wouldn't make a damn bit of sense now.
For everyone else, I previously wrote "I have to file Schedule SE and pay an additional 13.3% tax on my gross (sans deductions)" |
Now it's over hyped and would suck. I will reserve my talent for another day. One day when you aren't so quick to edit your post I will be there. Oh I'll getcha
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33% because I claim the FEIE.
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Originally Posted by JasonC SBB
(Post 829415)
Here are 2 laws that will make for REAL change:
- No withholding taxes from paychecks - all taxes due on April 15th; you write a fatass check to the IRS - All elections, local and national, on April 16. |
Originally Posted by rharris19
(Post 829475)
Ours looks to come out to about 14% effective. We take full advantage of all possible qualified tax deferrals like her 403B and such.
|
That's how i read that, as well, Brain. :-)
I'm waiting for a 1099 so i can plug in all my numbers and my unmarried, non-child-having, no-mortgage ass can find out i'm paying 35%+ effective again this year... heading out for lube. |
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