Quote:
Originally Posted by Flying Ace
Just got my taxes done. Wife and I are primary W-2 income earners, also have to pay federal AMT. All exclusive of penalties of $100 I owe to fed and $32 I owe to state for underpaying taxes throughout the year.
Federal: 15.9% of AGI
California State: 5.8% of AGI
Total marginal tax rate for federal and state combined: 21.7%
Type: File jointly
Exemptions: 2 kids No one is a disable, blind vet over 67.
Schedules: A, B, D 8949, 2441, 6251, 8960, 8801, 8283
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Isn't the 21.7% your combined effective rate rather than the combined marginal rate?