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      04-05-2018, 02:58 PM   #1
Flying Ace
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What's your income tax rate?

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 effective 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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      04-05-2018, 03:34 PM   #2
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I wish I knew....

Still waiting for my work to send me my K1. Cant file and our accountant is slammed so we had to do an extension. I hate filing extensions. I'd rather file on time and get that sh*t done with!
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      04-05-2018, 03:34 PM   #3
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For 2016:

Federal: 19.1% of AGI (Mostly Schedule C)
No AMT, No state
Self-employment: 9.4% (double social security up to cap, double Medicare with no cap)

Haven't finished 2017 yet.
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      04-05-2018, 03:39 PM   #4
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Quote:
Originally Posted by Flying Ace View Post
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
Isn't the 21.7% your combined effective rate rather than the combined marginal rate?
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      04-05-2018, 03:40 PM   #5
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Quote:
Originally Posted by RickFLM4 View Post
Isn't the 21.7% your combined effective rate rather than the combined marginal rate?
you're right. Thanks for clarifying. My marginal (bracket of the last dollar) is 33%.
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      04-05-2018, 03:58 PM   #6
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Not sure what mine is, but I get lots of deductions to lower my rate. Not sure if trump tax rules take effect for 2017 or 2018? I decided not to pre-pay my property taxes, we'll see how it goes next year.
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      04-05-2018, 04:00 PM   #7
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Quote:
Originally Posted by bimmer456 View Post
Not sure what mine is, but I get lots of deductions to lower my rate. Not sure if trump tax rules take effect for 2017 or 2018? I decided not to pre-pay my property taxes, we'll see how it goes next year.
The SALT deduction effects your 2018 tax obligations.
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      04-05-2018, 04:36 PM   #8
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LOL Americans.

Can just about double that here.
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      04-05-2018, 04:42 PM   #9
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Quote:
Originally Posted by Alfisti View Post
LOL Americans.

Can just about double that here.
Yup, then add the 13% HST on every single purchase, user fee's, revenue tools and hidden taxes plus property tax and you're paying over 50%.
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      04-05-2018, 04:48 PM   #10
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Sam as everyone else.
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      04-05-2018, 04:48 PM   #11
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Quote:
Originally Posted by RABAUKE View Post
Yup, then add the 13% HST on every single purchase, user fee's, revenue tools and hidden taxes plus property tax and you're paying over 50%.
And yet, you still have healthcare, retirement and a 993.
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      04-05-2018, 04:49 PM   #12
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Quote:
Originally Posted by RABAUKE View Post
Quote:
Originally Posted by Alfisti View Post
LOL Americans.

Can just about double that here.
Yup, then add the 13% HST on every single purchase, user fee's, revenue tools and hidden taxes plus property tax and you're paying over 50%.

Oh man don't get me going....we are robbed blind here!
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      04-05-2018, 04:50 PM   #13
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Quote:
Originally Posted by Taskmaster View Post
And yet, you still have healthcare, retirement and a 993.
but it could be a 997...in America
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      04-05-2018, 04:50 PM   #14
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i owe $1300

dunno how the fuck that happened
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      04-05-2018, 04:51 PM   #15
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Quote:
Originally Posted by Flying Ace View Post
but it could be a 997...in America
I believe a 993 is worth a lot more - and it's even more expensive in CA.
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      04-05-2018, 05:00 PM   #16
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Quote:
Originally Posted by RABAUKE View Post
Quote:
Originally Posted by Alfisti View Post
LOL Americans.

Can just about double that here.
Yup, then add the 13% HST on every single purchase, user fee's, revenue tools and hidden taxes plus property tax and you're paying over 50%.
How much are property taxes and homeowners insurance there? I'm paying about $6K in property taxes / year (because we've been in our home since 2002 and annual increases are capped) and homeowners insurance just renewed for $4K, which pissed me off because it was $3K last year.

We also have a sales taxes, although far less than 13%, property taxes, mobile phone taxes, etc. (not to mention $1,400/mo. for high deductible health insurance). It would be interesting to do an apples-to-apples comparison across countries because simply comparing income tax rates isn't necessarily comparable.
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      04-05-2018, 05:32 PM   #17
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Same 33% bracket... same as last year. DINK really doesnt help come tax time
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      04-05-2018, 05:37 PM   #18
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Quote:
Originally Posted by RABAUKE View Post
Yup, then add the 13% HST on every single purchase, user fee's, revenue tools and hidden taxes plus property tax and you're paying over 50%.
Have you opened your hydro bill recently?
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      04-05-2018, 06:19 PM   #19
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i can beat you all, i make poverty level income in san francisco, claim 0 for taxes, and still owe $3k additional to FED this year. my effective tax rate with FED and state combined is 29%....wtf is happening??
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      04-05-2018, 06:23 PM   #20
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Quote:
Originally Posted by SFCM3 View Post
i can beat you all, i make poverty level income in san francisco, claim 0 for taxes, and still owe $3k additional to FED this year. my effective tax rate with FED and state combined is 29%....wtf is happening??
Joke?
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      04-05-2018, 06:34 PM   #21
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Quote:
Originally Posted by Flying Ace View Post
Joke?
no joke, i am below poverty level for San Francisco.
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      04-05-2018, 06:35 PM   #22
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Quote:
Originally Posted by SFCM3 View Post
no joke, i am below poverty level for San Francisco.
for SF...lol, ok.

But 29% effective is high. What's the fed and state breakdown?

HUD says you qualify for Section 8 housing:

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Last edited by Flying Ace; 04-05-2018 at 06:41 PM..
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