Tax time - what will you pay this year? (1 Viewer)

[FUBAR]

It's tax time. Got mine started this morning, though I still need my 1099 forms. While those might change my answers slightly, most likely I'll be

Try to keep this simple.

1. Include your capital gains taxes but not the amount. Realize this sounds "odd", but the intent is to just see how much we're paying the government vs. what we actively produce. (there's probably a better way to phrase this, but hope that's clear)

2. % of your tax return / taxes paid

For me, I'll end up paying less than 5% of my employment income and get back between 50-75% of what I paid throughout the year.

To me this demonstrates why our budget is ####ed. I make more than 75% of the country but pay an extremely small amount in taxes.

and no, I'm not volunteering to pay more.

 

[Fennis]

last year my effective tax rate was 17%, I would expect it to the around the same.

 

[Baloney Sandwich]

I haven't gone to my CPA yet but anticipating writing out a check between 7-8K

 

[Nugget]

Between federal, state, SSI, and Medicare, I'll pay 33% of my box 1 income on the w2.

 

[Soulfly3]

Get about 4-5000 back.

In Canada

 

[MAC_32]

We are getting more than a k back, but still unsure exactly how much. We plan to break even leaning slightly towards the low refund end each year, but we happily did much less self employment work this year than expected so our tax burden on a percentage basis ended up lower.

 

[avoiding injuries]

Last year I got audited so I'll be going conservative with my deductions this year.

20

<25

 

[DSP]

Not a dime

 

[BobbyLayne]

More than Mitt.

 

[bushdocda]

We sold a property at a loss and while I should know what that is going to do, I really don't.

 

[joffer]

Took 6 months off this year so I should get a nice refund

 

[Rayderr]

Just federal income tax: 4%

Federal Income Tax, Social Security Tax, Medicare Tax, State Income Tax, City Income Tax, Real Estate Tax, School Income Tax: 27%

And even more if you include sales tax and gasoline tax.

And I'm in the bottom 40% when it comes to household income.

 

[-fish-]

I'll be funding the 99% again. deadbeats.

 

[Andrew74]

I don't want to think about how much $ I'm paying in. $%

 

[DSP]

I'll be funding the 99% again. deadbeats.

Appreciate it

 

[Steve Tasker]

Get about 4-5000 back.

In Canada

FWIW, Canadian taxes are much harsher than US taxes. Not uncommon for me to see people paying close to 50% federal + provincial.

 

[Grace Under Pressure]

Owing money or getting a refund is a function of estimating the federal taxes you'll owe and withholding that amount during the year. So the second pole question is basically asking how accurately did people estimate their tax owed compared with their actual tax withheld.

As for the first part, % of Federal tax on employment income: 17.9%, or $35K on $195K, and I'll get a slight return because I estimated $36K during the year. That falls in the majority answer choice.

For guys paying more than 25% of their employment income in Federal taxes, what's your approximate AGI?

 

[fantasycurse42]

Going to owe scary amounts of money... I'm terrified to sit down with the accountant

 

[eoMMan]

I think a better topic is what you are doing with your refund or how much are you saving each year?

Or maybe what percentage is your mortgage/ real estate taxes/house insurance payment of your take home pay?

 

[Psychopav]

My federal income tax is about 4%. Including FICA and SS, it's more like 12%.

But I have 4 kids and a wife who stays at home.

 

[MTskibum]

Around 20%, I am in the small group of people that use "married filing seperatly" which really restricts the deductions. For instance you are not allowed to deduct student own interest when filing.

 

[Patriotsfatboy1]

I still don't have all of my 1099's in, but I am in the majority in that my effective rate is in the 15-20% range even with cap gains.

I think that we are going to be about break even this year.

There are all sorts of problems with the poll questions, but I know that this is not science.

 

[kutta]

Writing a very large check this year. But not complaining. Had a good year.

But it still sucks.

 

[shadyridr]

Wtf my child credit went from $850 to $100. Whats the point of having kids?

 

[Nugget]

Owing money or getting a refund is a function of estimating the federal taxes you'll owe and withholding that amount during the year. So the second pole question is basically asking how accurately did people estimate their tax owed compared with their actual tax withheld.

As for the first part, % of Federal tax on employment income: 17.9%, or $35K on $195K, and I'll get a slight return because I estimated $36K during the year. That falls in the majority answer choice.

For guys paying more than 25% of their employment income in Federal taxes, what's your approximate AGI?

Mine was 65K on 307K, and it appears after deductions I need to send the Feds another 3500. I did not quite make the 25% threshold.

 

[avoiding injuries]

Wtf my child credit went from $850 to $100. Whats the point of having kids?

To fund your SS.