Ask:
No, I don't want you to post your gross income and tax return information. I would find it interesting if we compared percentage of income taxes paid.
Gross income + any untaxed income (child support, for instance) = total A
federal tax + state tax + local tax + property tax + social security / medicare paid = total B
Divide total B by total A
and that will give you a percentage.
We paid 16% in taxes this year. Not bad!
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42% but we live in Canada. Ugg.
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I'm not sure the exact figure but it's too much! I think it was around 30-35%.
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I don't know if I did this right.. But I came up with 6%..?????
But we got all of it back except for a few hundred dollars b/c I have my own buisness and right offs...
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I don't know our percentage. This is our first year owing because of dh's 2 jobs and we won a lawsuit last year.
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The tax software I used (turbo tax) provides a % of taxes paid (I'm not sure if it fits with the formula provided above)...ours was less than 5% last year. When DH and I both worked (before kids), we paid about 28% of our income in taxes!!
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Originally Posted by stacia
I'm not sure the exact figure but it's too much! I think it was around 30-35%.
This was us too. It is painful!
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ours was according to your formula was 15% but part of that is what we claimed as dependents so it could be higher or lower based on the exemptions you take.
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Exactly Brensmom! So many people look at the tax table percentage (10, 15 or 30%) and think that is the percentage they are really paying on their gross income. But as Americans we actually pay MUCH LESS as a percentage of our gross income. And I learned those business write-offs are a real blessing. I'm almost surprised that our percentage was as high as 16%. In the past we've been in the 10% to 15% range.
It turns out that Medicare / Social Security is one of the highest taxes we pay. What is that now? 17% or more?
As for owing vs getting a refund - even if you're getting a refund, you're probably paying something in taxes. Only a very few people get back 100% of the amount that was withheld.
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I'm not going to figure out percentage for 2006, we received a large cash amount from the sell of the company DH works for, they give their employees shares in the company instead of quartely bonus and when the company sold we ended up with a quite a bit of cash which we had to pay taxes on (they only held out 15% for taxes and we needed to pay 35% on it), this was a unusal thing that will most likely not happen again so this year would not be typical for us. In past years we have been at 28%-35%. The check I sent to the IRS was the largest check I have ever written in my life.