What was your effective tax rate???

[Anonymous]

Per TurboTax:
AGI = $132k
ETR: 9.49%

[Anonymous]

HHI: 151
ETR: 9.5

[Anonymous]

HHI : 164
ETR : 10.3

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If I already submitted my return, is there an easy way to see this on turbotax?[/quote

If TurboTax is anything like H&R Block At Home software, it's in the summary statement at the end.

Thanks! Per turbotax:

320K 22.3%

How did you do this? I always end up in 30%.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:If I already submitted my return, is there an easy way to see this on turbotax?[/quote

If TurboTax is anything like H&R Block At Home software, it's in the summary statement at the end.

Thanks! Per turbotax:

320K 22.3%

How did you do this? I always end up in 30%.

[Anonymous]

Wow it's crazy how much higher the rate gets as you make more.

[Anonymous]

Those at the higher rates and HHI, do you have a lot of deductions? We give a LOT to charity and church, which drives down our rate.

[Anonymous]

Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.

And yet it doesn't come close to the 50% some people say they pay.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.

And yet it doesn't come close to the 50% some people say they pay.

People claim 50%? That seems like a mathematical impossibility given tax tables.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.

And yet it doesn't come close to the 50% some people say they pay.

I noticed that too. Interesting. I can't wait to get home and check out mine

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.

And yet it doesn't come close to the 50% some people say they pay.

People claim 50%? That seems like a mathematical impossibility given tax tables.

yep on some of the threads here - people claim taxes are killing them.

[Anonymous]

The "effective tax rate" turbo tax calculates for you only covers the federal taxes you pay. It does not include state taxes in the calculation.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.

And yet it doesn't come close to the 50% some people say they pay.

I think those people are factoring in state taxes and employment taxes. If you pay 36% fed, plus 10% state, maybe 1-2% local, add on for personal property tax, etc., you might get close to 50% in some places (maybe NYC?). I still don't know that it's fully accurate, but I think that's what people mean when they quote those higher numbers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow it's crazy how much higher the rate gets as you make more.

And yet it doesn't come close to the 50% some people say they pay.

I think those people are factoring in state taxes and employment taxes. If you pay 36% fed, plus 10% state, maybe 1-2% local, add on for personal property tax, etc., you might get close to 50% in some places (maybe NYC?). I still don't know that it's fully accurate, but I think that's what people mean when they quote those higher numbers.

Correct, even 30% is nuts, you basically are giving away 1/3 of what you make.

Add in a 5% sales tax, local tax, personal property tax it gets very close to 50%.

[Anonymous]

$291K
25%