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[quote=Anonymous][quote=Anonymous][quote=Anonymous]My dad does all of our family's taxes (used to work H&R Block part-time) so I don't know.. If I know my effective tax rate from my paycheck, how do I add in the tax return I received to calculate the actual effective rate?

For example, I know from each paycheck that my tax rate during the year was 21.4%. But, I received a $942 tax return a few weeks ago. How do I calculate this in - anyone know? I'm guessing it would lower my rate to around 19 or 20%.

For 2014 I got a raise that put me into the next tax bracket. Ugh![/quote]

Well, rates are marginal, so simply moving into a higher bracket doesn't mean all your income is taxed higher.

The calculation you want is easy. Just divide the amount on Line 7 of your 1040 by the amount on Line 61. If you wish, you can add your FICA tax, but most people don't since that's a benefit you get back some day.[/quote]

Thanks! I don't have my return in front of me but will check when I get home.[/quote]

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