Originally Posted by Braineack
(Post 829731)
So what you're trying to say is that you're not paying you're fair share, you're a racist fascist, and you should be burned at the stake?
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I need to make a slight correction in my numbers. I forgot to add in pretax retirement benefits. Effective tax rate is more like 13%.
put that in your right wing and smoke it. |
TurboTax has a line that says my Effective Tax Rate is 6.40%. This means I am either in the 1% and all my money is hidden over seas, or I make less then the poverty line and they feel bad for me. Unfortunately it is the second reason. I really need to start working full time this year.
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Interesting. Except for the 0%, I think I know where most posters fall in this.
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Should have included several negative % options in the poll, seems like most people I know get massive tax credits.
Pretty sure I'm around 3-5%. Single, low income, with lots of schedule a deductions. * edit - Just checked the numbers and I'm paying 6% |
I was working on my taxes for the last hour. I'm anticipating finishing around the 15-16% range this year.
In 2010, I received a long term capital gains loss statement the day after filing. I've yet to file the amended return...but have 3 years to do so. (Since Uncle Sam isn't getting any more money from my loss, I'm not sure it's high on his priority list either.) This brings light to a question, though. Should I include the capital loss carryover on my 2011 return although it is not currently represented on my 2010 return? OR do I file the 2010 amended return now along with the 2011 return? I've learned this year that our tax system is way to complicated. First time homeowner, marriage, cap gain carryovers, grad school, charitable contributions, interest in and out,...ahyayyay my brain hurts! Should get some cash back this year, which should mean we can adjust our take home pay for next year to boot! |
Originally Posted by cymx5
(Post 830112)
This brings light to a question, though. Should I include the capital loss carryover on my 2011 return although it is not currently represented on my 2010 return? OR do I file the 2010 amended return now along with the 2011 return?
I've learned this year that our tax system is way to complicated. First time homeowner, marriage, cap gain carryovers, grad school, charitable contributions, interest in and out,...ahyayyay my brain hurts! Should get some cash back this year, which should mean we can adjust our take home pay for next year to boot! I would also ask yourself if the time, aggravation and mistakes are worth the $200 - $300 per year you are saving by not using a CPA. I would think, in Chicago, you also are likely to have state and possibly city taxes on top of Federal as well. |
I agree. In fact, I used a tax service for 2009 to learn what i needed to file the and then H&R block deluxe at home in 2010. Im going to call a local tax attorney today to get their take. The refund will go to home improvements this spring...
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Originally Posted by cymx5
(Post 830246)
I agree. In fact, I used a tax service for 2009 to learn what i needed to file the and then H&R block deluxe at home in 2010. Im going to call a local tax attorney today to get their take. The refund will go to home improvements this spring...
Ask some of your more professional friends (or parents' friends, depending on your age) for a referral to a CPA that they would recommend. I think most of the users on this board are as capable as most of the people at H&R Block for answering computer-prompted questions and filling in questionaires. In my experience, they have not been a real "value add." |
Taxed:
Base Pay: $75,804 Flight Pay: $7800 Flight Bonus: $20,833 $104,437 Untaxed: Housing: $31,104 Subsistence: $2879.04 $33,983 I put $15k into TSP, $5k into an IRA, and claim 1 exception: Gross: $138,420 W2: $88,648.34 Tax Withheld: $16,837 %age: 19% We are 4 years into a 30yr loan 6%/$360k, and have 2 kids, but rent the house for $2k a month which covers the mortgage. I claim some business expenses and a small amount of donations... usually under $2k though. I am a resident of Florida and have no state income tax. FINAL: 8.8% = $7800... and got an $8k return. We've used H&RBlock for the past 4 years after TurboTax royally fucked us 2 years in a row. I really can't complain about making as much as I do and still paying single-digits. What I can't understand is why I'm so damned poor! |
I definitely need to move to FL or TX. VA is just milking me for 5.25% and I'm only there for a few weeks a year, if that.
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Federal “ income tax” is not the only income tax you send to the federal government. Your tax return doesn’t include Social security and Medicare tax% withheld from both you and your employer on your earned income. Self-employed people get to see all the tax at once when they file a return so they can get the shock of reality. For most people making below ~100k the actual % of revenue they send to the federal government is closer to 15.3% of their gross income plus the percentage shown on their tax return. The payroll tax holiday last year took 2% off the employee portion making it 13.3%. It is taken out before any deductions even 401k contributions.
Look at your W-2 take the FICA withholdings, double the number because it only shows half of your compensation % sent to the federal government add it to income taxes paid on your tax return then recalculate your real federal tax %. For obscenely rich people the FICA percentage is neglagable because it stops at a little over 100k and it is not withheld on un earned income from dividends and capital gains. Bob |
I can't remember my login info for taxslayer.com, so can't access my return to get the numbers (yeah I know, I should have printed it).
Anyway. Taxable: (only taxed half of the year due to deployment) Base pay: 31,440 Incentive pay: 3,600 Totes: 35,040 Untaxed: Subsistence: 3,900 Housing: 13,500 Total: 17,400 Grand total: 52,440 I don't feel like looking up any other figures, but I got a $7800 refund. EIC x2, some money into my Roth, mortgage interest. |
Originally Posted by samnavy
(Post 830287)
FINAL:
8.8% = $7800... and got an $8k return.
Originally Posted by samnavy
(Post 830287)
What I can't understand is why [I feel] so damned poor!
Originally Posted by bbundy
(Post 830370)
Self-employed people get to see all the tax at once when they file a return so they can get the shock of reality.
Originally Posted by bbundy
(Post 830370)
Look at your W-2 take the FICA withholdings, double the number because it only shows half of your compensation % sent to the federal government add it to income taxes paid on your tax return then recalculate your real federal tax %.
Originally Posted by bbundy
(Post 830370)
For obscenely rich people the FICA percentage is neglagable because it stops at a little over 100k and it is not withheld on un earned income from dividends and capital gains.
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Originally Posted by blaen99
(Post 829763)
Interesting. Except for the 0%, I think I know where most posters fall in this.
* Line 61 divided by line 38 on the 2011 return Either people are making apples to oranges to grapes comparisons or they are in need of some serious financial and tax planning advice (or I am having the dumb and overlooking something obvious). |
probably high income renters.
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15% and owe monies.
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Originally Posted by y8s
(Post 830515)
probably high income renters.
That should put the taxable income somewhere around $290,500. Self-employment, pass-through income, etc will tweak this somewhat. That puts the marginal rate at 33% and ballpark Federal income tax at $80,762. $80,762 / $300,000 = 26.9% |
Originally Posted by Scrappy Jack
(Post 830471)
So everyone is using the same metrics, that's your taxes owed (correctly identified above by Joe as line 61 on the 2011 form and 60 on the 2010 form) divided by AGI?
[Edited by me.] Relatively high savings rate? And yes, I've managed to "save" over $20k this year between TSP/IRA/Investments. But my wife really handles all this ----. I can't wait until she goes back to work and we're in a stable housing situation... then I will be back in the Miata "game". |
Originally Posted by Scrappy Jack
(Post 830471)
So everyone is using the same metrics, that's your taxes owed (correctly identified above by Joe as line 61 on the 2011 form and 60 on the 2010 form) divided by AGI?
That's the orange. Useful to compare against other oranges, less so the "apples" most often reported (and even less so the "grapes" or marginal bracket rates most people think of when they hear tax rates). Very true. And, a mid-year cancellation of the payroll tax holiday would adversely affect lower and middle income citizens more than the top income earners because they max that payment in the first portion of the year. Apples to apples, is the total amount the federal government took from you divided by the total amount you made as income. I realize that is not the number right wingers like to use, because they like to make it look like nobody pays taxes but the wealthy but that is just not true. Bob |
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