How much did you pay in income tax this year

Discussion in 'Politics' started by Salty, Mar 21, 2014.

  1. Salty

    Salty
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    What % of your gross income (line 22-1040, line 15-1040A) did you pay in tax this year.

    Myself: We are DINKS - Dual Income, No KidS

    Federal: 6.1%
    State: 3.0%

    No local income tax
     
  2. Thousand Hills

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    Around 18% Federal Only (No state, high local sales tax) - Dual Income - 1 Youngin - I have no incentive to work any harder when I'm essentially just giving it to somebody else who won't work.
     
  3. InTheLight

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    Data is from last year:

    Dual income, two kids.

    Fed 2.85%
    State: 2.65%
     
  4. carpro

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    More than $12,000
     
  5. thisnumbersdisconnected

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    It doesn't appear any of you considered your FICA/Medicare taxes, nor does the OP. No offense Salty, but without considering those, you don't get an accurate picture of what you actually pay the feds.

    Not counting the two of those, being self-employed with two separate businesses, my wife still working as a hospital employee, we paid in over $35,000 in withholding and self-employment taxes. We might get back $10,000, if we're blessed. That's about 13% of our total income.

    I have to pay 15.3% in FICA and Medicare for being self-employed. Add in my wife's contribution to FICA from her payroll taxes, and we paid about 28% in federal taxes last year. I believe I will pay another 5% in state and local taxes. That's 33% of our income, and we haven't even discussed property and real estate taxes, and other taxes like the permit and licensing fees for both the homes I build and the fees I have to pay for my counseling licenses.

    Add in sales taxes, and we pay about 50-55% of our incomes to various governments. That's obscene.
     
  6. InTheLight

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    FICA and Medicare are payroll taxes, not income taxes. Salty asked about income taxes. But yes, in the complete picture of total taxes paid in to the Feds these taxes would count.

    BTW, Obama cut the FICA rate for two years, so he can rightly say he "cut taxes for the middle class". Yes, it sickens me to type that, but it's true.
     
  7. thisnumbersdisconnected

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    Yeah, one-point-two percent, then let it go back up. And it wasn't the Little Marxist Dictator that did that. It was the Republicans and GW Bush way back in 2003. The LMD and his henchmen in the Senate and House when they controlled both let that "tax holiday" expire.
     
  8. carpro

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    It was a bad move, no matter who did it.

    Currying public favor by cutting a minscule amount per individual on a program that's already ailing.

    Stupid.
     
  9. Salty

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    and everyone pays the same % of FICA and Medicare (unless you reach the max income of 106,800).

    We oftne complain about how much we pay in taxes, but as shown, some of us are paying just a small amout % wise.

    Keep in mind, that for federal Taxes - a good portion of our income is NOT taxable:

    Single - no kids - first 10,000 is tax free
    Married -no kids - first 20,000 is tax free
    Married- two kids- first 27,000 is tax free
    Head of Household w/one child - first 16,700 is tax free

    and keep in mind - many with chirdren can claim the earned income credit - .

    Which not lowers your tax libality - but may give you a refund - even if no taxes were withheld!
     
    #9 Salty, Mar 24, 2014
    Last edited by a moderator: Mar 24, 2014
  10. InTheLight

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    No, the FICA tax reduction was from a rate of 6.2% to 4.2% for employees. Employers still paid the usual amount of 6.2%. This was totally a Democrat idea. Originally set to be for one year only, it was extended to two years.
     
  11. InTheLight

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    If someone was making $40,000 a year, it was a tax cut of $800 a year. I don't consider that miniscule. Plus, tax cuts are one of the few things government can do to stimulate the economy.
     
  12. Salty

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    THIS THREAD IS ABOUT INCOME TAX -
    NOT FICA -

    Feel free to start a thread on that!
     
  13. InTheLight

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