Anonymous
04/02/2014 14:52
Subject: What was your effective tax rate???
$291K
25%
25%
Anonymous
04/02/2014 13:55
Subject: What was your effective tax rate???
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
04/02/2014 13:49
Subject: What was your effective tax rate???
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
04/02/2014 13:48
Subject: Re:What was your effective tax rate???
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
04/02/2014 13:48
Subject: What was your effective tax rate???
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
04/02/2014 13:47
Subject: What was your effective tax rate???
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
04/02/2014 13:47
Subject: What was your effective tax rate???
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
04/02/2014 13:43
Subject: What was your effective tax rate???
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
04/02/2014 13:10
Subject: What was your effective tax rate???
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
04/02/2014 13:07
Subject: What was your effective tax rate???
Wow it's crazy how much higher the rate gets as you make more.
Anonymous
04/02/2014 13:06
Subject: Re:What was your effective tax rate???
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
04/02/2014 13:06
Subject: Re:What was your effective tax rate???
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
04/02/2014 13:03
Subject: What was your effective tax rate???
HHI : 164
ETR : 10.3
ETR : 10.3
Anonymous
04/02/2014 12:55
Subject: What was your effective tax rate???
HHI: 151
ETR: 9.5
ETR: 9.5
Anonymous
04/02/2014 12:46
Subject: What was your effective tax rate???
Per TurboTax:
AGI = $132k
ETR: 9.49%
AGI = $132k
ETR: 9.49%