I misread what the poll was asking for apparently. I though bracket was what was in question. I can't change my vote, but I'll be paying ~18% in Fed Tax and like 3% to VA.
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2 Attachment(s)
40% of federal revenue in 2010 came from tax on income from working that is not accounted for on tax returns, “Payroll Tax” It is paid primarily by people making less than 100k and many of them pay income tax on top of that payroll tax making the true tax rate much higher than the oligarchs want the ignorant to believe. All forms of federal tax you pay goes into the same bucket. It is all tax and should be accounted for as part of your tax burden not just the tax shown on your return. apples to apples.
If you make all your income from working you and make less than ~100k individual you start at 15.3 % for instance. And then the numbers calculated from your tax return adjust from there. |
Originally Posted by samnavy
(Post 830598)
Sorry if I wasn't clear... I paid a total of $7800 in Federal tax this year, which is 8.8% of my taxable income.
Originally Posted by neogenesis2004
I misread what the poll was asking for apparently. I though bracket was what was in question. I can't change my vote, but I'll be paying ~18% in Fed Tax and like 3% to VA.
Originally Posted by bbundy
(Post 830612)
I think its total BS to not count all the revenue the federal government takes from your earnings.
[...] Apples to apples, is the total amount the federal government took from you divided by the total amount you made as income. It does not make sense to compare marginal versus effective Federal income or effective Federal income vs effective total Federal (or effective total Federal + total municipal). Do you understand that point or not? :crx: |
Originally Posted by Scrappy Jack
(Post 830471)
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.
This is not the same, however, as being a regular employee. If you have a W2, then your employer pays "their half" of what would otherwise be the SE tax directly, so it's an invisible transaction that does not affect either your salary or your net income at all. By claiming 1/2 of the SE tax as a deduction, you only lower your net tax by (1/2 of SE tax * your effective 1040 tax rate). So all they're doing is not making you pay tax on half of the money that you used to pay the SE tax. It's still quite costly. |
Just a tick over 5%.
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Benefits of home ownership:
This year: over $3500 refund based on single tax withholdings & half year home ownership (not allowed to include last years property tax as a deduction since it's 'seller paid'). Next year: over $25,000 itemizing and $60 MORE per paycheck staying in my wallet instead of Uncle Sam's. That's $1560 MORE in yearly take home pay versus when I was renting. Check your finances! I'll take home ownership over renting any day of the week! |
21% Federal for 2011, 31% in 2010. VT taxes add a bunch to the % of total taxes.
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I am confused now.
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Originally Posted by cymx5
(Post 836209)
Benefits of home ownership:
This year: over $3500 refund based on single tax withholdings & half year home ownership (not allowed to include last years property tax as a deduction since it's 'seller paid'). Next year: over $25,000 itemizing and $60 MORE per paycheck staying in my wallet instead of Uncle Sam's. That's $1560 MORE in yearly take home pay versus when I was renting. Check your finances! I'll take home ownership over renting any day of the week! untill you gotta replace a roof, or the hvac, or the foundation is cracked, or you have termites... |
I was thinking the same thing Brain. It's no cheaper, its just deferred cost.
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Originally Posted by Pitlab77
(Post 837200)
I am confused now.
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Just started doing my taxes for 2011. This one's gonna hurt. I maxed out Schedule SE line 10 by quite a large margin, even after $50,897.65 in Schedule C line 28 expenses.
Why the hell don't I feel rich? The IRS clearly thinks I am. |
I had a job last year that required me to live in a different state for a few months. It was lovely paying that state's revenue tax along with my home state's residence tax. I was at an effective tax rate of 33% at the time because of it, and I was not making much money. I will get most if not all of it back, but still...
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Originally Posted by Bryce
(Post 837346)
This. I had an internship over the summer, made just under $10k, and am getting ~$630 back. When do I get my free loan from the gov't?
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total income: 14% federal, 18% when you factor in my CT and MA taxes.
taxable income: 17% fed, 23% states Could be worse I guess. Only thing I have going for me is my student loan interest but hopefully I can pay them off in a few years. |
Well, that was fun.
Total gross receipts: $192,055 (Schedule C line 1d) Total expenses: $50,897 (Schedule C line 28) Adjustments & Deductions: a little over $15k (1040 lines 36+40) Total Fed tax: a little over $42k Effective Federal tax rate (line 38 / line 61): 32.4% Add in a little over $9k in CA tax and I'm at 39.5% total for the year. Called it in post #2. Time to write another big damn check. Sam, as a fellow member of the six figure club, I seriously want to know how the hell you're getting away with 8.8%. |
Originally Posted by Joe Perez
(Post 840704)
Add in a little over $9k in CA tax and I'm at 39.5% total for the year. Called it in post #2.
[...] Sam, as a fellow member of the six figure club, I seriously want to know how the hell you're getting away with 8.8%. How about a pre-tax retirement plan? Even if you are a 1099 contractor vs W-2 employee, you |
Moved from 25% to 28% marginal (in large part due to a one-time bonus) and from 16% to 20% effective (MFJ). Paid about $15k more in taxes this year. Some of my planning got skewed by a last-minute, unexpected, one-time bonus (a good problem to have). Income probably won't be as high for 2012.
We have also increased our charitable gifting and retirement savings. |
I just did my taxes. Took me four hours.
Am getting back a ridiculous amount of money. Active interest vs passive interest FTW. yay. Also, uncle sam rewards those who put their money "at risk" for potential business gain. |
Originally Posted by Braineack
(Post 837209)
untill you gotta replace a roof, or the hvac, or the foundation is cracked, or you have termites...
Joe you have enough moolah to live as you please, for the most part. I spent xx,xxx last year on food and drink. Time for you to step up from crappy ol captain n coke. Day to day niceties can help you enjoy your income much more. |
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