Depends on how much you make.
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"Effective tax rate" has different meanings in different contexts, but it is not "marginal tax rate," which is what the table above seems to focus on.
I think the meaning of "effective tax rate" in common parlance (versus the various technical definitions the accountants could provide) would be best described as the ratio of the total dollars paid in taxes over gross income.
The idea is to provide a measure of the percentage of total income -- before deductions and adjustments -- that goes to pay taxes. In some cases, the term may be used to apply only to income taxes; in others, it may be used to capture all state, local and federal taxes, including property taxes, sales taxes, etc.
But, I'm no accountant or tax lawyer. Perhaps, some real experts can define "effective tax rate" for us.
I got 30k to pay in according to H&R!!
^ with the money you seem to have to spend on gear, you might want to use an actual accountant rather than the block. Kinda like not paying for insurance when shipping stuff... stuff happens.
The only tax rate I know is "screwed".
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Effective tax rate is simple. Take your total income, subtract your deductions, to figure your total taxable income. Then you find out how much you owe in taxes, social security and medicare don't count, but state taxes due, except sales tax. Find the percentage of money owed to taxes, and you have the effective tax rate. Forgot one, property taxes, and various fees to whatever don't count also.
If you take into account all taxes, fees, and price mark ups to every item you purchase, you'll find that you're paying north of 40% in taxes, but only taxes on income collected by state and federal government counts toward effective rate, because it sounds better.
[QUOTE=polkfarmboy;2038368]I got 30k to pay in according to H&R!![/QUOTE
That's a lesson I learned many moons ago, don't get your taxes done by H&R. Go to a regular tax accountant. You may pay slightly more to have them do your taxes but they will save you 10 times that fee.
Best advice I can give you during tax season is to stop doing them yourself. Stop using Turbo tax, and your brother who knows a guy. Have a professional do them, they will save you tons of dough. That's if you have deductions....if your just filing a simple return with no deductions then you can do those yourself.
Last edited by tonyb; 04-15-2014 at 04:03 AM.
Adjusted gross income (line 37) divided by total tax (line 61).
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It's a bit overly simplistic to say stop doing them yourself, stop using turbo tax. Some of us simply make W-2 income, and don't have any fancy deductions beyond mortgage interest, state and local taxes, and charitable deductions. I've talked to professionals, they've told me there's nothing (legal...) that they can do for me that Turbo Tax can't. If you own your own business, different story, but there are plenty of us for whom Turbo Tax does a very good job.
Good music, a good source, and good power can make SDA's sing. Tubes make them dance.
I'm almost down to ez, no state tax, not enough deductions to claim, so standard deduction.
"The legitimate powers of government extend to such acts only as are injurious to others. But it does me no injury for my neighbour to say there are twenty gods, or no god. It neither picks my pocket nor breaks my leg." --Thomas Jefferson
Hmmmm.....I have used Turbo Tax the last several years. Previously I used HR Block, but after awhile decided the extra cost associated with HR Block didn't really gain us anything on our returns.
TurboTax gives you your effective tax rate % on page one of your printed return. I would say we fall into the "middle class" income group, only really have mortgage interests, children, property taxes, and charitable deductions.
Someone earlier said you'll find you are paying north of 40% effective tax rate, which I find hard to believe, unless you had no taxes taken out of each check the entire year due to not making estimated tax payments, self-employment, etc. I am guessing a bit on some of this, but we are not at 40%.
I think (FWIW) TurboTax is fine as long as one basically has a clue about the tax code and regulations pertaining thereto. Fortunately, Mrs. H does -- she does our taxes, which are fairly complex, and I am deeply grateful.
We'll see what next year's like, when I'll have some self-employment income and expenses to deal with...
all the best,
I pay a CPA firm every year. Sense the divorce and alimony have started I've been seeing green every February or March.
Alimony is 100% deductible! Can we say silver lining!!?? When I get all my doc's they go asap to be done. I avoid all this now that the x isn't involved.
Same here I have an accountant, they have access to all my accounts, credit cards, they see every transaction, I do nothing, well I just pay them $300 a month.
I sent my brother to them, they charged him $800 but they found $8000 for him that H&R did not.
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