What was your effective tax rate on your gross income.
Example my effective tax rate for 2007 was 5.7% based on my gross income. My agi was 13.8% of my gross income. I was not subject to AMT.
My gross income was well over $100k.
What was your Effective tax rate for 2007
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dolmar
Senior Member - 4K - Apr. 1, 2008 @ 8:05p
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Quick Summary
view history - Apr. 1, 2008 @ 8:05p
How about making this thread somewhat more useful by all posters using this formula:
Eff. Tax Rate = (Federal+State+Municipal+FICA MED/SS/etc. tax paid)/"Total Income",
where "Total Income" includes wages, self-employment, and investment income. Include business income (and deductions) only if you (or spouse) are a sole proprietor and state that your Eff. Tax Rate is affected by your business results.
Message edited by: cyberkost on 2008-04-03 10:34:04 CDT
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mikef07
Senior Member - 1K - Apr. 1, 2008 @ 8:19p
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dolmar said
What was your effective tax rate on your gross income.
Example my effective tax rate for 2007 was 5.7% based on my gross income. My agi was 13.8% of my gross income. I was not subject to AMT.
My gross income was well over $100k.
Income was $260,000 (Wife and me)
Tax Liability was $36,208
14.3% of gross income
Not as good as I hoped, but it is what it is.
Message edited by: mikef07 on 2008-04-01 20:21:59 CDT
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InterestedOnlooker
Senior Member - 1K - Apr. 1, 2008 @ 8:32p
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Gross Income: $80K
Tax: $0
Effective Tax Rate: 0%
Yes, seriously. We had completely legitimate deductions coming out of our ears. The computer program showed when we reached zero & so DH stopped entering anymore of our deductions. We had more to put in but were already at zero. I was stunned.
It was a completely weird year. New baby with health issues meant our family shelled out nearly $10K in out-of-pocket medical expenses (even with decent, not good, but decent insurance). Big charitable contributions. Mortgage interest deduction because we are in a house that is too big for us that we can barely afford. Student loan interest deduction. And the list goes on.
The refund was nice. We try to get as close as possible to zero...not owing or getting a refund. But, DH is already claiming 14 exemptions at work. We're reluctant to stick out like a sore thumb by claiming more.
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beatme
Senior Member - Apr. 1, 2008 @ 8:34p
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5.3% for me...
A few years ago, all the stars aligned and I got a beautiful -8.26%.
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WhiteGuy
Senior Member - 1K - Apr. 1, 2008 @ 9:27p
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Household income between $75,000-$80,000
Tax rate was 0.35%
(tuition deduction, 401k, child tax credits, daycare etc)
This year income will jump by $7,000 due to a raise but we have a new kid coming in Oct so my goal is to get my tax rate to a even 0.00%
Message edited by: WhiteGuy on 2008-04-01 21:29:02 CDT
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tazzy531
Senior Member - 2K - Apr. 1, 2008 @ 10:17p
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I'm embarassed to say...
Federal: 18.96%
NY/NYC: 10.15%
Total of AGI: 28.44%
NYC, Renter, not married, no kids, no student loan interest, great health insurance, yuppy, investment income...
If only I can deduct happy hour expenses...
UPDATE: Forgot to include NYC/NYS tax
Message edited by: tazzy531 on 2008-04-01 23:52:07 CDT
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youngcoolguy
Senior Member - Apr. 1, 2008 @ 10:32p
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Mine's even worse -- just over 20% of gross income. I got hit with the AMT for the first time this year. Live in a high-tax state, so my total taxes are pretty obscene.
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CoffeeEater
Greedy Member - Apr. 1, 2008 @ 10:55p
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treasurebeacon
Senior Member - 1K - Apr. 1, 2008 @ 11:23p
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CoffeeEater said
$500k income
0% Tax
What's up now?
10000000000000000000 income
-200% tax
PWN3D?
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psubill78
Senior Member - Apr. 1, 2008 @ 11:23p
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tazzy531 said
I'm embarassed to say... 18.96%
NYC, Renter, not married, no kids, no student loan interest, great health insurance, yuppy, investment income...
NYC, Renter, not married, no kids, no student loan interest, great health insurance, yuppy, investment income...
If only I can deduct happy hour expenses...
18% isn't bad, you are just being hit with the luxury tax. The one you get by having no kids, no house to deal with 
hah
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Cashless
New Member - Apr. 1, 2008 @ 11:38p
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CycloneFW
Senior Member - Apr. 2, 2008 @ 12:12a
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AGI: Embarrassingly low for this forum
No State Tax
Liability: 3.95%
Thank you tuition deduction (no more of those until Dr. CycloneFW), student loan interest (25 more years to go!), Section 121 exclusion (sold primary home before markets dropped!).
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dimatkach
Member - Apr. 2, 2008 @ 6:47a
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dolmar said
My agi was 13.8% of my gross income. I was not subject to AMT.
Alimony?
dolmar said
Example my effective tax rate for 2007 was 5.7% based on my gross income.
So, you must be in like 80% tax braket? (5.7% of your gross income is 78.66% of the agi)
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Beernuts82
Senior Member - Apr. 2, 2008 @ 7:55a
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robby69
Senior Member - 3K - Apr. 2, 2008 @ 8:04a
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scott1961
Senior Member - 6K - Apr. 2, 2008 @ 8:08a
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lorcha
Cranky Member - Apr. 2, 2008 @ 8:20a
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mikef07
Senior Member - 1K - Apr. 2, 2008 @ 8:22a
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scott1961 said
How do you figure it out?
Take your amount of income and the amount of taxes you have to pay and divide the taxes into the amount.
Example.
You make $200,000. You owe $20,000 (meaning the total amount you paid in taxes for the year) in taxes. Your taxable income may be only $150,000, but you made $200,000.
$20,000 is 10% of 200,000. Effective tax rate would be 10%
I left my investment income, rental income, and any other non work related income revenue off. Others may have not.
Message edited by: mikef07 on 2008-04-02 08:23:19 CDT
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zzyzzx
Senior Member - 2K - Apr. 2, 2008 @ 8:25a
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Roughly 19.6% federal income tax
8.7% state income tax
Message edited by: zzyzzx on 2008-04-02 08:29:48 CDT
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