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 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.
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.
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.
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.
5.3% for me...
A few years ago, all the stars aligned and I got a beautiful -8.26%.
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%
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
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.
CoffeeEater said:$500k income
0% Tax
What's up now?
10000000000000000000 income
-200% tax
PWN3D?
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...
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
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!).
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)
dolmar said:My agi was 13.8% of my gross income. How does this work?
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.
Roughly 19.6% federal income tax
8.7% state income tax
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