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So, what was your tax rate this year now that taxes are filed?

  • terps99 said...

    23.8% effective federal income tax

    5.3% state income tax

    6.2% social security tax

    1.45% medicare tax

    Insanely high property taxes (thank god I don't own a house!)

    Insanely high taxes for other "luxury" items like my Nissan (I think my taxes equaled 2 months worth of my car payments...lol).

    6.25% sales tax.

    6.25% meals tax.

    23 cents/gallon gas tax.

    $16.55 per month in federal, state, and local telecommunication charges for my minimal phone plan (double lol).

    I'm sure my utility bills have similar high taxes.

    And I'm sure there are other categories I'm missing.

    for SS you're only paying 6.2% on the first 108K. No idea if you make more than that, but if you are your effective tax rate is lower.

    goterpss ●

  • Married Filing Separately @ 21.33%, up from 10.88% last year.

    Ugh

    EricTerp

  • goterpss said...

    for SS you're only paying 6.2% on the first 108K. No idea if you make more than that, but if you are your effective tax rate is lower.

    Right. The income tax is the only thing you can really quantify on an effective level (which is why I referred to effective federal income tax rate), but I was just trying to list all the various taxes people get hit with...

    terps99 ●

  • hey dickheads, you paid 4.2% SS in 2011.

    CharlieHorse ●

  • 13.8%

    Im ready for aa 5th of vodica to end my feels.

    JJBittenbinder

  • CharlieHorse said...

    hey dickheads, you paid 4.2% SS in 2011.

    good point. 2012 as well

    goterpss ●

  • 21.8% FTL

    CharlieHorse ●

  • irishbmad said...

    21.2% and yes that is with the mortgage deduction.

    As someone said, need way more people with skin in the game, even if just for a very small percentage. Expanding the base has a way more profound effect on revenue than soaking the rich another point or two does also.

    Mine exactly as well. 21.2%. No way I am not paying my fair share. UFB.

    6Terps

  • 41.4% - yes, that's accurate

    vadimivich

  • vadimivich said...

    41.4% - yes, that's accurate

    I am calling Shenanigans. 41.4% federal? No way.

    Maybe total tax percentage with state and local.

    6Terps

  • 6Terps said...

    I am calling Shenanigans. 41.4% federal? No way.

    Maybe total tax percentage with state and local.

    lbt is my CPA - he can confirm

    Hooray for the USA being the only country in the world that continues to tax its citizens when they live outside the country ... and even though I'm able to exempt part of my income earned overseas from federal income taxes (meaning my taxable income was relatively low compared to my net income), nothing is exempt from social security and self employment taxes. I got absolutely DRILLED on that one.

    vadimivich

  • How can your effective federal income tax rate be higher than the highest marginal income tax rate?

    terps99 ●

  • terps99 said...

    How can your effective federal income tax rate be higher than the highest marginal income tax rate?

    Because I paid social security and self employment tax on my entire income earned worldwide, even though I was able to exempt some of that income from federal income tax. So my effective tax rate was absurdly high.

    Say you earned (hypothetical) $90,000 total worldwide. Of that income, you are able to exempt $50,000 due to earning it outside the US and passing the presence of test of living 330 days of the year outside the US. You would pay the standard income tax rate on the $40,000 remaining taxable income, but still pay SS and self employment tax based off the entire $90,000. You end up with a ridiculous tax rate because you're paying close to half your taxable income back in SS and self employment.

    vadimivich

  • And yes, if you live outside the US and are a US citizen - having a good CPA is pretty essential. LBT has done a great job taking care of us the past couple of years.

    vadimivich

  • vadimivich said...

    Because I paid social security and self employment tax on my entire income earned worldwide, even though I was able to exempt some of that income from federal income tax. So my effective tax rate was absurdly high.

    Say you earned (hypothetical) $90,000 total worldwide. Of that income, you are able to exempt $50,000 due to earning it outside the US and passing the presence of test of living 330 days of the year outside the US. You would pay the standard income tax rate on the $40,000 remaining taxable income, but still pay SS and self employment tax based off the entire $90,000. You end up with a ridiculous tax rate because you're paying close to half your taxable income back in SS and self employment.

    to be fair, SE and SS are "payroll taxes." This thread is on federal income tax, every other reply on this thread could increase their % if included. Now I will take my green eye shade off.

    goterpss ●

  • vadimivich said...

    lbt is my CPA - he can confirm

    Hooray for the USA being the only country in the world that continues to tax its citizens when they live outside the country ... and even though I'm able to exempt part of my income earned overseas from federal income taxes (meaning my taxable income was relatively low compared to my net income), nothing is exempt from social security and self employment taxes. I got absolutely DRILLED on that one.

    ummm dude the exemption for foreign earned income is like north of $90K. You shouldnt exactly be bitching about shit if youre still paying 40% on income after the exemption, youre making probably somewhere north of 250K probably more even after the exemption. Plus being a schedule-c filer theres a lot of ways you can lower your taxable income...

    Mr Tiffles7673 ●

  • 18.3%

    down from 21%

    njterp02

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