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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]Do we really need another "woe is me, life is so hard on 300/400/500k"? And for those that are saying they have an effective tax rate of 33 or 39, you just don't know what you are talking about. Effective rate is your tax divided by your income - the average rate of tax for all your income. Marginal rate is the rate on the last dollar. For you to have an effective rate of 33% you would have to have 793,250 in income and have NO deductions or capital gains. At 500k, even with no deductions, the highest your federal tax effective rate could be is 29%. That is not counting self employment, or state tax. If you have an effective rate of over 29% on 500k or less you are doing it wrong and need to check your math.[/quote]
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