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Reply to "2013 Itemized deductions and HHI, why is my effective so high, what are we doing wrong?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]We are in exactly the same boat paying a out 33% on our $300k income. [/quote] Are you talking about your tax bracket or effective tax rate. Because even with no deductions at all, effective tax rate for 300K income is 25% and not 33%[/quote] HUH http://www.bankrate.com/finance/taxes/tax-brackets.aspx[/quote] Effective tax rate is your total tax paid divided by your total income. The 33% tax bracket is only on income above 183K and effective tax rate would be much lower[/quote] That's what people think. But just look at this thread. Lots of people earning +/- $500,000 are paying 33% of that in federal tax. [/quote]
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