2013 HHI and paid tax

[Anonymous]

HHI: ~400K
Fed tax paid: ~100K
Effective Rate: ~25%

We pretty much max out every deduction too, max out both 401Ks, max out HSA, daycare flex spending. We are hit by AMT, so the only deduction we really get is mortgage interest, but we refinanced to a much lower rate 15 year mortgage a few years back, so even the mortgage interest doesn't help us that much.

[Anonymous]

Anonymous wrote:HHI: $198k (gross income)
Federal Tax: $18,459
VA Tax: $6,289

you must have some serious deductions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:HHI: $198k (gross income)
Federal Tax: $18,459
VA Tax: $6,289

How come is your federal tax so low? A lot of deductions?

Did you reach AMT?

Roughly $17k in mortgage interest, $6k of charitable donations, max two 401ks, daycare spending account, property tax of roughly $6k, capital loss carry forward up to the limit. I think our AGI was just shy of $150. Our effective tax rate was roughly 12.3%, which I think it fairly standard for the under $200k set. Next year it will be more as we will just break over $200k and will likely get hit with the AMT this time.

Ah, I'm the PP who asked the ?; I missed this. Thanks!

[Anonymous]

Anonymous wrote:

Anonymous wrote:Would you all agree to pay 30% of all purchase, rather than this yearly complicated tax thing?

I don't know if I should include house-purchase or not, say 1M house with $300K property tax? We are paying $14000 property tax per year, so in 20 years, close to that amount, then start over again.

I would rather everyone pay a simple flat tax with no deductions and treat all income equally (salary, dividends, capital gains, etc.)

I like the idea of treating all income equally and not having any deductions! However, I would still keep the progressive tax rate (maybe just 2 or 3 brackets). It really doesn't seem fair to charge someone making $50k with the same percentage as someone making $500k.

Our HHI last year was $470k and we paid $107k in fed tax so (almost 23% effective rate) and $22k Va tax.

[Anonymous]

$125K AGI
$7K Fed tax

$37K in deductions (mostly mortgage interest)
$19.5K in exemptions (family of 5)
$2K child tax credit

[Anonymous]

Anonymous wrote:

Anonymous wrote:Would you all agree to pay 30% of all purchase, rather than this yearly complicated tax thing?

I don't know if I should include house-purchase or not, say 1M house with $300K property tax? We are paying $14000 property tax per year, so in 20 years, close to that amount, then start over again.

I would rather everyone pay a simple flat tax with no deductions and treat all income equally (salary, dividends, capital gains, etc.)

+1

[Anonymous]

Ok - finally went back to look.

192 AGI
32 fed tax
16.63%

[Anonymous]

$1.125 HHI

$425K - Fed

$68K state

32.6% effective

Have '0' for both witholdings and still had to stroke a check for $90K

[Anonymous]

Any recommendations for a good accountant. Friend on 1099 and acct is stating 75k federal on 220k gross, 170k agi. seems high.

[Anonymous]

Anonymous wrote:$1.125 HHI

$425K - Fed

$68K state

32.6% effective

Have '0' for both witholdings and still had to stroke a check for $90K

You are the hero for the welfare!

But, 32.6% of 1.125M is only 365K, why yours is 425K?

[Anonymous]

Anonymous wrote:Any recommendations for a good accountant. Friend on 1099 and acct is stating 75k federal on 220k gross, 170k agi. seems high.

thats way too high..

[Anonymous]

Gross income -- 466K
AGI -- 396K
Fed Tax -- 124K (including self empl tax) - 26% of gross
State Tax -- 31K (mostly CA) - 6.6% of gross

[Anonymous]

Anonymous wrote:Gross income -- 466K
AGI -- 396K
Fed Tax -- 124K (including self empl tax) - 26% of gross
State Tax -- 31K (mostly CA) - 6.6% of gross

Can you recommend your acct? Or do you do it yourself? Thanks

[Anonymous]

AGI: 896K
Feds: 286K (including self-employment taxes for one person)
State: not meaningful because we moved in the middle of the year so we owe part-year taxes in two states, plus all the other states the self-employed person owes in. My taxes would be a lot simpler if it were just me and my W-2!

[Anonymous]

I am apparently poor....
AGI: 155K
Fed: 18.k:
State (VA): 6.7K

Deductions were 36K; 22 K from housing (mort. & property tax), 6.7K from state, and 5K charity.

Next year, AGI will be 10K+ lower.