[Flying Ace]

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

[DETRoadster]

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!

[RickFLM4]

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.

[RickFLM4]

Originally Posted by Flying Ace

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?

[Flying Ace]

Originally Posted by RickFLM4

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%.

[bimmer456]

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.

[Flying Ace]

Originally Posted by bimmer456

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.

[Alfisti]

LOL Americans.

Can just about double that here.

[RABAUKE]

Originally Posted by Alfisti

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%.

[Taskmaster]

Sam as everyone else.

[Taskmaster]

Originally Posted by RABAUKE

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.

[Needbmwpartzz]

Originally Posted by RABAUKE

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!

[Flying Ace]

Originally Posted by Taskmaster

And yet, you still have healthcare, retirement and a 993.

but it could be a 997...in America

[aozer]

i owe $1300

dunno how the fuck that happened

[Taskmaster]

Originally Posted by Flying Ace

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.

[RickFLM4]

Originally Posted by RABAUKE

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.

[evoq007]

Same 33% bracket... same as last year. DINK really doesnt help come tax time

[MightyMouseTech]

Originally Posted by RABAUKE

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?

[BayE30]

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??

[Flying Ace]

Originally Posted by SFCM3

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?

[BayE30]

Originally Posted by Flying Ace

Joke?

no joke, i am below poverty level for San Francisco.

[Flying Ace]

Originally Posted by SFCM3

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: