scott1961 said:Is this how you figure out Fed rate? text
says I'm at 24.87% guessing that blows?

You will know by looking at your tax return (line 63). It should give you a total tax liability amount and divide that into your actual income and not the adjusted income on your return.

scott1961 said:mikef07 said:scott1961 said:Is this how you figure out Fed rate? text
says I'm at 24.87% guessing that blows?

You will know by looking at your tax return (line 63). It should give you a total tax liability amount and divide that into your actual income and not the adjusted income on your return.
Looks right line 22 total income 359,947 line 63 88,406 = .246

Yep, although I did line 7 because I did not want to count investments and other things, but to each his own.

TurboTax prints this on the first page of the final tax report. I believe all the automated softwares do that.

On the other hand, it's not too difficult to calculate total tax liability / AGI

16.3% on $120K income. We have no kids, no house, just finished paying for school so no tuition deduction either. Very depressed to know a good chunk of my tax money goes to the war instead of schools, libraries and highways here...

dimatkach said: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)

No Alimony, Single non married,no dependents, no student loans, no earned income. All my income is reported on 1099's and K-1. I had some short term capital gains, long term capital gains, interest income and partnership income. Only deductions on my personal taxes was interest on my home, property taxes, registration fee of my car, medical insurance premium, and my state income taxes.

Also remember I live Ca and you pay 9.30% on all income after $40k vs Federally some of my income was only taxed at 15%(long term capital gains or dividend income which is almost the same as my state taxes).

So I took my total tax bill ie added Federal + State and divided that by what my Gross income was to get my effective tax-rate. Then I added up all the income shown on K-1+1099I and 1099B that is what I called Gross income. Then I took my AGI and divided that by my gross income to get % off taxable income I reported.

I know my effective tax rate and gross income and AGI are not typical examples as I take none of my income as earned income and I take a lot of deductions against income before it ever hits my personal tax return but people can still use it as a data point to compare I guess.

hmm, well Turbo Tax page one says my fed was ~12.5%, and using their math, the sate was ~6%. Total ~18%. But I think thats based on adjusted income.

still 18%

and this is after the student loan deducation. Other then that I get nothing. But I geuss someone has to pay america's bills. All those freeloaders.

I don't even want to look. We are both W-2 corporate drones almost maxing Social Security living in one of the worst states for Local and State tax burdens.

Dolmar, you said "Then I added up all the income shown on K-1+1099I and 1099B that is what I called Gross income."...for the 1099B I hope you don't mean you just used the figure on the 1099B (as opposed to the gain/loss from the sales reported on schedule D). If your using the 1099B number for gross income that is likely very misleading...unless you are subtracting your cost basis

According to Turbo Tax, Fed effective rate was 14.6%, CA State effective rate would probably be around 9.3%, and then there are all the other misc taxes.

Paying AMT and in income range where pretty much all deductions except from mortgage interest are phased out.

Working really hard to get our combined income high enough so AMT won't be an issue.

mikef07 said:Income was $260,000 (Wife and me)
Tax Liability was $36,208My back-of-the-envelope arithmetic says this is about 90-100k of deductions. Care to provide details ? If 60k of it is business expenses, the flavor is a bit different.