View Poll Results: What %age are you paying the IRS for 2011.
0%
3
6.25%
1-5%
4
8.33%
5-15%
14
29.17%
15-25%
7
14.58%
25-35%
15
31.25%
35%+
5
10.42%
Voters: 48. You may not vote on this poll
Your effective federal tax rate for 2011
#23
mkturbo.com
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Join Date: May 2006
Location: Charleston SC
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Total Cats: 1,681
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.
#25
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%
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%
Last edited by pdexta; 02-02-2012 at 01:43 PM.
#26
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!
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!
#27
Elite Member
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Location: Central Florida
Posts: 2,799
Total Cats: 179
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'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.
#29
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Location: Central Florida
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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."
#30
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!
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!
#32
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
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
#33
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.
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.
#34
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Location: Central Florida
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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?
For the self-employed, they do get to deduct half of the self-employment tax resulting in (theoretically) the same approximate net effect as employees.
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.
[Edited by me.] Relatively high savings rate?
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.
#35
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Location: Central Florida
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* 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).
#38
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Location: Central Florida
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Assume AGI of $300k, single, no kids, standard deduction (i.e. no itemizing due to mortgages, charitable gifting, etc).
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%
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%
#39
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".
#40
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.
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