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Your personal federal tax rate

Khaos_Mage
Posts: 23,214
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2/27/2014 11:14:49 PM
Posted: 2 years ago
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22

Please be honest.

This year, mine was 0%. :)
My work here is, finally, done.
bladerunner060
Posts: 7,126
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2/28/2014 1:31:57 AM
Posted: 2 years ago
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

What's the alternative for line 46 on 1040A? Because my line 46 is Estimated Tax Penalty.

H and R Block tells me on one of the pages, though, that my Effective Tax Rate is 6%. I am pretty sure I never do my taxes right--but that may just be because I think I should be getting more back.
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Khaos_Mage
Posts: 23,214
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2/28/2014 1:35:17 AM
Posted: 2 years ago
At 2/28/2014 1:31:57 AM, bladerunner060 wrote:
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

What's the alternative for line 46 on 1040A? Because my line 46 is Estimated Tax Penalty.

H and R Block tells me on one of the pages, though, that my Effective Tax Rate is 6%. I am pretty sure I never do my taxes right--but that may just be because I think I should be getting more back.

I hate H&R block.
But, yeah, they do tell you directly.
It would be line 28/line 15.

Even though these divisions are not necessarily accurate ;)
My work here is, finally, done.
bladerunner060
Posts: 7,126
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2/28/2014 1:38:31 AM
Posted: 2 years ago
At 2/28/2014 1:35:17 AM, Khaos_Mage wrote:
At 2/28/2014 1:31:57 AM, bladerunner060 wrote:
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

What's the alternative for line 46 on 1040A? Because my line 46 is Estimated Tax Penalty.

H and R Block tells me on one of the pages, though, that my Effective Tax Rate is 6%. I am pretty sure I never do my taxes right--but that may just be because I think I should be getting more back.

I hate H&R block.

Out of curiosity, why?

But, yeah, they do tell you directly.
It would be line 28/line 15.

Even though these divisions are not necessarily accurate ;)

If I divide those, I get: 0.091. I have no idea what that means.
Assistant moderator to airmax1227. PM me with any questions or concerns!
Khaos_Mage
Posts: 23,214
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2/28/2014 1:49:15 AM
Posted: 2 years ago
At 2/28/2014 1:38:31 AM, bladerunner060 wrote:
At 2/28/2014 1:35:17 AM, Khaos_Mage wrote:
At 2/28/2014 1:31:57 AM, bladerunner060 wrote:
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

What's the alternative for line 46 on 1040A? Because my line 46 is Estimated Tax Penalty.

H and R Block tells me on one of the pages, though, that my Effective Tax Rate is 6%. I am pretty sure I never do my taxes right--but that may just be because I think I should be getting more back.

I hate H&R block.

Out of curiosity, why?
Disingenuous, incompetent (manager-wise), and overpriced, at least in the store I worked at (as secretary).
1. The office leader tried to take business away from a franchised H&R Block in the neighboring town, because they were franchise.
2. My boss (CSR-lead) didn't even know who all worked in the store. There was an issue with initials in the software, and she assumed they were mine, going by first initial only :/ (unaware of both my last name, and the other CSR who has same first initial)
3. No one knew that one could test out of the tax class. (prereq for being a preparer)
4. Our office had a shortage of first-year prep, and allowed CSR to do it instead of me, because he passed the class, (but I tested out).
5. Look down upon pay-day lenders, but their fees for effectively the same thing are up to over 1,000% APR.
6. There was one tax prep that had the delimma of not "maximizing the return" because doing so would save the client about $8 in taxes, but cost $12 in services.
7. Another client/prepper opted to not include income to save the client money (about $100 in services) because the IRS was 99% not going to audit due to the small amount of income not being reported ($50 or so of capital gains).

But, yeah, they do tell you directly.
It would be line 28/line 15.

Even though these divisions are not necessarily accurate ;)

If I divide those, I get: 0.091. I have no idea what that means.

9.1%.
The difference could be in what they consider "income" vs. what I do, for this computation. I am trying to go by total income, while they very well may have gone by AGI (adjusted gross income).
My work here is, finally, done.
Khaos_Mage
Posts: 23,214
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2/28/2014 7:24:03 AM
Posted: 2 years ago
But, the biggest reason I hate H&R Block is they are responsible for the new requirements for tax preparers. However, someone sued, and they have been halted, but it was using the government to strongarm small places out of business by adding regulations.
My work here is, finally, done.
bladerunner060
Posts: 7,126
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2/28/2014 7:26:45 AM
Posted: 2 years ago
At 2/28/2014 7:24:03 AM, Khaos_Mage wrote:
But, the biggest reason I hate H&R Block is they are responsible for the new requirements for tax preparers. However, someone sued, and they have been halted, but it was using the government to strongarm small places out of business by adding regulations.

I don't use their preparers--I use their website version. I don't itemize (despite owning a house, somehow I don't hit the amount of deductions).

What do you think of their website version?
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Khaos_Mage
Posts: 23,214
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2/28/2014 7:49:39 AM
Posted: 2 years ago
At 2/28/2014 7:26:45 AM, bladerunner060 wrote:
At 2/28/2014 7:24:03 AM, Khaos_Mage wrote:
But, the biggest reason I hate H&R Block is they are responsible for the new requirements for tax preparers. However, someone sued, and they have been halted, but it was using the government to strongarm small places out of business by adding regulations.

I don't use their preparers--I use their website version. I don't itemize (despite owning a house, somehow I don't hit the amount of deductions).
If you are married and/or have the mortgage mostly paid, it is not surprising.

What do you think of their website version?

The last two years I used my taxpreparer software (not this year). Every other year, I did it by hand, except the year I did it there. I made only one error on my taxes that year (did it by hand to compare), it would have saved me no money that year, and about $10 each subsequent year, and would have cost $400.

I used their free version online to explore last year, and it would have missed two (uncommon) deductions for me. One being amortized mortgage insurance, and the other I'm not 100% what it was, but I think was a miscellaneous deduction (writing off commuting miles from one job and the second).

Overall it was fine, but to be honest, most taxes are "easy" if you know what you are doing. It's the nuances that make it difficult.
My work here is, finally, done.
Andromeda_Z
Posts: 4,151
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2/28/2014 11:22:48 AM
Posted: 2 years ago
-2.8%, according to turbotax. I was refunded more than I had withheld. Refundable education credits and an absurdly low income ftw, I guess.
slo1
Posts: 4,308
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2/28/2014 12:31:12 PM
Posted: 2 years ago
Haven't done taxes yet, but was 7.9% prior year. I expect to be similar this year. Having two kids and the resulting tax credit helps a lot.

My property tax in TX is 1/2 my federal taxes and I have a little bitty home not close the median where I live. I haven't calculated the cost of the 8.25 sales tax.
sadolite
Posts: 8,833
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2/28/2014 7:17:29 PM
Posted: 2 years ago
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

That is only federal tax. You need to calculate all other taxes like sales taxes, use taxes, gas taxes, utility taxes, communication taxes, property taxes if you own property, registration taxes on vehicles if you own any, and a myriad of others I can't think of right now. This house will come close to 50%. Oh and don't forget to include your healthcare tax.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
sadolite
Posts: 8,833
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2/28/2014 7:25:04 PM
Posted: 2 years ago
At 2/28/2014 7:17:29 PM, sadolite wrote:
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

That is only federal tax. You need to calculate all other taxes like sales taxes, use taxes, gas taxes, utility taxes, communication taxes, property taxes if you own property, registration taxes on vehicles if you own any, and a myriad of others I can't think of right now. This house will come close to 50%. Oh and don't forget to include your healthcare tax.

Any health insurance premiums are effectively a tax. As the fines are small to begin with they will sky rocket to $600 per year, that is per person, not per household. So an uninsured family of 4 will pay $2400 a year in fines.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
Khaos_Mage
Posts: 23,214
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2/28/2014 10:18:35 PM
Posted: 2 years ago
At 2/28/2014 7:25:04 PM, sadolite wrote:
At 2/28/2014 7:17:29 PM, sadolite wrote:
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

That is only federal tax. You need to calculate all other taxes like sales taxes, use taxes, gas taxes, utility taxes, communication taxes, property taxes if you own property, registration taxes on vehicles if you own any, and a myriad of others I can't think of right now. This house will come close to 50%. Oh and don't forget to include your healthcare tax.

Any health insurance premiums are effectively a tax. As the fines are small to begin with they will sky rocket to $600 per year, that is per person, not per household. So an uninsured family of 4 will pay $2400 a year in fines.

I'm aware of all of this.
However, I am only asking about federal income tax.
Obviously I pay more than 0%, given payroll taxes.
My work here is, finally, done.
sadolite
Posts: 8,833
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2/28/2014 10:29:01 PM
Posted: 2 years ago
At 2/28/2014 10:18:35 PM, Khaos_Mage wrote:
At 2/28/2014 7:25:04 PM, sadolite wrote:
At 2/28/2014 7:17:29 PM, sadolite wrote:
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

That is only federal tax. You need to calculate all other taxes like sales taxes, use taxes, gas taxes, utility taxes, communication taxes, property taxes if you own property, registration taxes on vehicles if you own any, and a myriad of others I can't think of right now. This house will come close to 50%. Oh and don't forget to include your healthcare tax.

Any health insurance premiums are effectively a tax. As the fines are small to begin with they will sky rocket to $600 per year, that is per person, not per household. So an uninsured family of 4 will pay $2400 a year in fines.

I'm aware of all of this.
However, I am only asking about federal income tax.
Obviously I pay more than 0%, given payroll taxes.

OK then probably 20 to 25% The self employed get the shaft, have to pay double everything. I really am surprised that you don't find paying 50% in taxes an incredible outrage. People should add up all the taxes they pay, they would be absolutely astonished. And the govt sits there and says it doesn't tax enough.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
Khaos_Mage
Posts: 23,214
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2/28/2014 11:01:23 PM
Posted: 2 years ago
At 2/28/2014 10:29:01 PM, sadolite wrote:
At 2/28/2014 10:18:35 PM, Khaos_Mage wrote:
At 2/28/2014 7:25:04 PM, sadolite wrote:
At 2/28/2014 7:17:29 PM, sadolite wrote:
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

That is only federal tax. You need to calculate all other taxes like sales taxes, use taxes, gas taxes, utility taxes, communication taxes, property taxes if you own property, registration taxes on vehicles if you own any, and a myriad of others I can't think of right now. This house will come close to 50%. Oh and don't forget to include your healthcare tax.

Any health insurance premiums are effectively a tax. As the fines are small to begin with they will sky rocket to $600 per year, that is per person, not per household. So an uninsured family of 4 will pay $2400 a year in fines.

I'm aware of all of this.
However, I am only asking about federal income tax.
Obviously I pay more than 0%, given payroll taxes.

OK then probably 20 to 25% The self employed get the shaft, have to pay double everything. I really am surprised that you don't find paying 50% in taxes an incredible outrage. People should add up all the taxes they pay, they would be absolutely astonished. And the govt sits there and says it doesn't tax enough.

The only thing self-employed pay extra for is payroll, which they can deduct from income, thus paying something closer to 5%-6%.

I am not up in arms because the situation depends on many factors, and the point of this thread was to focus on one variable. For example, my property taxes are about 8% of my income, but that is wholly dependent on my income. Same with sales tax.

If you don't mind, how much do you make that you think you pay 20-25% of your income in federal income taxes?
My work here is, finally, done.
sadolite
Posts: 8,833
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3/1/2014 9:45:07 AM
Posted: 2 years ago
At 2/28/2014 11:01:23 PM, Khaos_Mage wrote:
At 2/28/2014 10:29:01 PM, sadolite wrote:
At 2/28/2014 10:18:35 PM, Khaos_Mage wrote:
At 2/28/2014 7:25:04 PM, sadolite wrote:
At 2/28/2014 7:17:29 PM, sadolite wrote:
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

That is only federal tax. You need to calculate all other taxes like sales taxes, use taxes, gas taxes, utility taxes, communication taxes, property taxes if you own property, registration taxes on vehicles if you own any, and a myriad of others I can't think of right now. This house will come close to 50%. Oh and don't forget to include your healthcare tax.

Any health insurance premiums are effectively a tax. As the fines are small to begin with they will sky rocket to $600 per year, that is per person, not per household. So an uninsured family of 4 will pay $2400 a year in fines.

I'm aware of all of this.
However, I am only asking about federal income tax.
Obviously I pay more than 0%, given payroll taxes.

OK then probably 20 to 25% The self employed get the shaft, have to pay double everything. I really am surprised that you don't find paying 50% in taxes an incredible outrage. People should add up all the taxes they pay, they would be absolutely astonished. And the govt sits there and says it doesn't tax enough.

The only thing self-employed pay extra for is payroll, which they can deduct from income, thus paying something closer to 5%-6%.

I am not up in arms because the situation depends on many factors, and the point of this thread was to focus on one variable. For example, my property taxes are about 8% of my income, but that is wholly dependent on my income. Same with sales tax.

If you don't mind, how much do you make that you think you pay 20-25% of your income in federal income taxes?

Combined is over 150K
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
Khaos_Mage
Posts: 23,214
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3/1/2014 10:15:40 AM
Posted: 2 years ago
At 3/1/2014 9:45:07 AM, sadolite wrote:
At 2/28/2014 11:01:23 PM, Khaos_Mage wrote:
At 2/28/2014 10:29:01 PM, sadolite wrote:
At 2/28/2014 10:18:35 PM, Khaos_Mage wrote:
At 2/28/2014 7:25:04 PM, sadolite wrote:
At 2/28/2014 7:17:29 PM, sadolite wrote:
At 2/27/2014 11:14:49 PM, Khaos_Mage wrote:
It is tax time in America, and I like to ask this question:
What is your effective tax rate?
Effective tax rate is income tax owed/total income (AGI).
On form 1040, it is line 46/line 22


Please be honest.

This year, mine was 0%. :)

That is only federal tax. You need to calculate all other taxes like sales taxes, use taxes, gas taxes, utility taxes, communication taxes, property taxes if you own property, registration taxes on vehicles if you own any, and a myriad of others I can't think of right now. This house will come close to 50%. Oh and don't forget to include your healthcare tax.

Any health insurance premiums are effectively a tax. As the fines are small to begin with they will sky rocket to $600 per year, that is per person, not per household. So an uninsured family of 4 will pay $2400 a year in fines.

I'm aware of all of this.
However, I am only asking about federal income tax.
Obviously I pay more than 0%, given payroll taxes.

OK then probably 20 to 25% The self employed get the shaft, have to pay double everything. I really am surprised that you don't find paying 50% in taxes an incredible outrage. People should add up all the taxes they pay, they would be absolutely astonished. And the govt sits there and says it doesn't tax enough.

The only thing self-employed pay extra for is payroll, which they can deduct from income, thus paying something closer to 5%-6%.

I am not up in arms because the situation depends on many factors, and the point of this thread was to focus on one variable. For example, my property taxes are about 8% of my income, but that is wholly dependent on my income. Same with sales tax.

If you don't mind, how much do you make that you think you pay 20-25% of your income in federal income taxes?

Combined is over 150K

No offense, but I don't believe you.
If your taxable income was $150,000, your income would have been AT LEAST $160,000, which puts your effective rate at 22.05%. However, this assumes you do not itemize deductions and you are single with no dependents. Any of these being not true would lower your rate.

This is why I ask.
Obviously, you have the right to be upset that (combining ALL taxes) you pay over a third of your income, but I like dealing with facts.
My work here is, finally, done.
Khaos_Mage
Posts: 23,214
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3/1/2014 5:24:27 PM
Posted: 2 years ago
You see Sadolite, the reason I ask people this is two-fold:
1. Because people like you will claim a higher rate of taxation than is likely true.
2. So people who demand others to pay a "fair share" to be aware of their share.
My work here is, finally, done.
sadolite
Posts: 8,833
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3/1/2014 6:24:15 PM
Posted: 2 years ago
At 3/1/2014 5:24:27 PM, Khaos_Mage wrote:
You see Sadolite, the reason I ask people this is two-fold:
1. Because people like you will claim a higher rate of taxation than is likely true.
2. So people who demand others to pay a "fair share" to be aware of their share.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
sadolite
Posts: 8,833
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3/1/2014 6:31:43 PM
Posted: 2 years ago
At 3/1/2014 6:24:15 PM, sadolite wrote:
At 3/1/2014 5:24:27 PM, Khaos_Mage wrote:
You see Sadolite, the reason I ask people this is two-fold:
1. Because people like you will claim a higher rate of taxation than is likely true.
2. So people who demand others to pay a "fair share" to be aware of their share.

I am sorry but you are incorrect about the tax rate. It is 28% filing joint when itemized and deductions for kids in comes in at just what I said 20 to 25%.

http://taxfoundation.org...
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%
Khaos_Mage
Posts: 23,214
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3/1/2014 8:25:27 PM
Posted: 2 years ago
At 3/1/2014 6:31:43 PM, sadolite wrote:
At 3/1/2014 6:24:15 PM, sadolite wrote:
At 3/1/2014 5:24:27 PM, Khaos_Mage wrote:
You see Sadolite, the reason I ask people this is two-fold:
1. Because people like you will claim a higher rate of taxation than is likely true.
2. So people who demand others to pay a "fair share" to be aware of their share.

I am sorry but you are incorrect about the tax rate. It is 28% filing joint when itemized and deductions for kids in comes in at just what I said 20 to 25%.

http://taxfoundation.org...

That is why there are terms for marginal (i.e. next dollar earned) and effective (i.e. actual) rates.
The standard deduction and 1 exemption is $10,000. So, if your total income is $160,000, your taxable income is $150,000, assuming you are single and have no dependents.
The tax owed on $150,000 is $35,293. (the marginal rate is 28%)
http://www.irs.gov...

35,293/150,000 = 22.05%
Now, if you were married and did not itemize, which I assume you would itemize at that high of income level, unless you live in a income-tax-free state, the tax rate would be 20.38%.

Again, this is assuming the bare minimum, and your situation is most likely different, as I said, you likely itemized.
My work here is, finally, done.
Khaos_Mage
Posts: 23,214
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3/1/2014 8:30:23 PM
Posted: 2 years ago
Further, tax situations are different, Sadolite.
You said yourself there is different taxes, and there are.
Total taxes paid would be different if that $160K were earned via wages, self-employed income, capital gains, lottery winnings, or earned via rental income.
My work here is, finally, done.
yay842
Posts: 5,680
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3/1/2014 8:31:01 PM
Posted: 2 years ago
Khaos is a show-off... but mine was -10%
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sadolite
Posts: 8,833
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3/2/2014 8:02:55 AM
Posted: 2 years ago
At 3/1/2014 8:25:27 PM, Khaos_Mage wrote:
At 3/1/2014 6:31:43 PM, sadolite wrote:
At 3/1/2014 6:24:15 PM, sadolite wrote:
At 3/1/2014 5:24:27 PM, Khaos_Mage wrote:
You see Sadolite, the reason I ask people this is two-fold:
1. Because people like you will claim a higher rate of taxation than is likely true.
2. So people who demand others to pay a "fair share" to be aware of their share.

I am sorry but you are incorrect about the tax rate. It is 28% filing joint when itemized and deductions for kids in comes in at just what I said 20 to 25%.

http://taxfoundation.org...

That is why there are terms for marginal (i.e. next dollar earned) and effective (i.e. actual) rates.
The standard deduction and 1 exemption is $10,000. So, if your total income is $160,000, your taxable income is $150,000, assuming you are single and have no dependents.
The tax owed on $150,000 is $35,293. (the marginal rate is 28%)
http://www.irs.gov...

35,293/150,000 = 22.05%
Now, if you were married and did not itemize, which I assume you would itemize at that high of income level, unless you live in a income-tax-free state, the tax rate would be 20.38%.

Again, this is assuming the bare minimum, and your situation is most likely different, as I said, you likely itemized.

OK then, you are right I am wrong.
It's not your views that divide us, it's what you think my views should be that divides us.

If you think I will give up my rights and forsake social etiquette to make you "FEEL" better you are sadly mistaken

If liberal democrats would just stop shooting people gun violence would drop by 90%