Federal Tax as a % of AGIFiled.
Federal Tax as a % of AGI
I had 27 paychecks instead of the usual 26 in 2018 and my wife made a little more money that year, too.
- 2017 - 6.4%
- 2018 - 7.0%
- 2019 - 6.5%
Sheesh, we're typically about 12.5%.Jealous.Federal Tax as a % of AGI
- 2017 - 5.6%
- 2018 - 5.4%
- 2019 - 9.6%
- 2017 - 18.42%
- 2018 - 18.31%
- 2019 TBD, but, probably in the same ballpark
I thought you were supposed to have your shotgun partially disassembled for cleaning in plain sight for all to see as they enter.
Jealous.
- 2017 - 18.42%
- 2018 - 18.31%
- 2019 TBD, but, probably in the same ballpark
I'm gonna guess your 81.58% and 87.5% take home incomes are significantly greater than my 98% take home.Sheesh, we're typically about 12.5%.
Have some kids.Single, one job, no kids. Mortgage at least high enough to get me itemizing, but, no idea how you get it in the range of 10 or lower.
Yep. Kids, mortgage, charitable contributions. If I didn’t have kids and didn’t itemize, this year would have been about 12.5% rather than 6.5%.Have some kids.
Agree. I wasn’t trying to say that charitable donations means I have more money in the bank; just that it’s a big part of having a lower tax bill.This part I don't get. I mean, you'd have more cash without the and paying the tax. Unless there's some rmd situation.
I never even thought about this. How many actually have city income taxes?Fed Refund of $3,950
State Refund of $1,810
City -- haven't done yet, but will probably have to pay ~$500 since my wife works in a lower taxed city than where we live
Nyc does but it's filed with stateI never even thought about this. How many actually have city income taxes?
In Ohio the percent owed varies by city. We owe it to the city where we live, not work...which is backwards to the other income taxes. There are some townships that have no taxes. It is 2% where I live, so it is significant.I never even thought about this. How many actually have city income taxes?
A few states have a local tax filed as part of the state return. Shady mentioned NYC and Maryland also does this.I never even thought about this. How many actually have city income taxes?
I never even thought about this. How many actually have city income taxes?
Birmingham loves making waves with the SCOTUS
Birmingham was the place that got the local occupation tax legalized through SCOTUS. Both Birmingham and Bessemer have occupation taxes. Costs me and the wife a decent chunk every year.
We pay for many things we don't use. If you get to opt out of paying for schools in the area, I want out of paying for social programs, Medicare, welfare, etc.I might have to revise my answer in the "should the childless pay taxes for schools?" thread if this is really the case. I mean, I get why I should pay some taxes for public education, but, really, if crapping out a kid means my tax rate goes from 20% of my AGI to 6% of my AGI, I'm starting to feel I'm paying more than enough for other people's kids.
Overall, last year, I paid 30% of my gross in taxes if you add up all the federal, state, property, sales, and gas taxes. I really wouldn't mind getting into the 10-20 range the parents apparently get and have an extra fifth or so of my income given back to me.
The bold is said by almost everyone. "tax that person, not me!"I'm not saying "opt out completely", I'm just starting to question if my ROI on my rate justifies it. And with increases coming... maybe they should be on other people first. I think I'm paying enough and from the looks of it, a lot of others aren't. And I'm not in the 100k club yet. I'm paying 30% on five figures.
Agreed. My wife and I pay 27% of AGI in federal, state, and property when taking into consideration the $4k in credits we get for two kids. Didn't bother to try calculating sales and gas tax, but the point is, having kids isn't cutting ones effective federal income tax rate or all inclusive tax rate that dramatically.We pay for many things we don't use. If you get to opt out of paying for schools in the area, I want out of paying for social programs, Medicare, welfare, etc.I might have to revise my answer in the "should the childless pay taxes for schools?" thread if this is really the case. I mean, I get why I should pay some taxes for public education, but, really, if crapping out a kid means my tax rate goes from 20% of my AGI to 6% of my AGI, I'm starting to feel I'm paying more than enough for other people's kids.
Overall, last year, I paid 30% of my gross in taxes if you add up all the federal, state, property, sales, and gas taxes. I really wouldn't mind getting into the 10-20 range the parents apparently get and have an extra fifth or so of my income given back to me.
You're not going from 20% to 6% unless you have 7 kids. (Assuming you're over $100k income)
Unless you don't believe an educated population benefits society, we all should be paying for schools, at least up to college.
The government recognizes that parents pay a lot more, generally speaking, than those without kids and we need kids for the next generation. They provide some assistance in this form.
Tax rate, all inclusive, for us is over 25%. So maybe not quite your rate.
How do you get to triple? You say you're paying 30 ish percent including federal, state, property, sales, and gas tax and comparing to other people's effective federal income tax rate. Apples to oranges... The last couple of posts give tax rates that are much closer, albeit definitely lower overall tax rates even with kids.Sure, but I got numbers on my side. I'm paying triple.
I'm paying 25%, you're paying 30%Sure, but I got numbers on my side. I'm paying triple.
It does drop my federal tax rate by ~10%.Agreed. My wife and I pay 27% of AGI in federal, state, and property when taking into consideration the $4k in credits we get for two kids. Didn't bother to try calculating sales and gas tax, but the point is, having kids isn't cutting ones effective federal income tax rate or all inclusive tax rate that dramatically.
Fair enough. I shouldn't have spoken so definitively. Obviously it depends on each individual situation. But I don't begrudge anybody for tax credits that make having kids a little more affordable.It does drop my federal tax rate by ~10%.Agreed. My wife and I pay 27% of AGI in federal, state, and property when taking into consideration the $4k in credits we get for two kids. Didn't bother to try calculating sales and gas tax, but the point is, having kids isn't cutting ones effective federal income tax rate or all inclusive tax rate that dramatically.
I guarantee I pay a lot more than $10,000 a year for the kids.
I've been paying about 20-21% of gross on Fed, State, FICA, property, auto taxes. Never tried to add up sales and gas taxes. Since sales taxes here are ~9% I imagine I come close to your 30% - and I have 2 kids.Overall, last year, I paid 30% of my gross in taxes if you add up all the federal, state, property, sales, and gas taxes. I really wouldn't mind getting into the 10-20 range the parents apparently get and have an extra fifth or so of my income given back to me.
I just did this myself, I hope it doesn't do the same for me.So I changed my W4 and the federal taxes taken out of my next check were $300 less. WTF? Can they make the new form any more confusing?