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Re: Heres a good one...whats your effective tax rate
Old 02-24-2006, 03:25 PM   #21
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Re: Heres a good one...whats your effective tax rate

His press secretary says that his treatment is going well. I infer that this means someone is keeping him locked in the basement when he gets loaded.
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Re: Heres a good one...whats your effective tax rate
Old 02-24-2006, 04:23 PM   #22
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Re: Heres a good one...whats your effective tax rate

Marginal: Federal 35%, State 9%
Ground-up: Federal 21%, State 7%

Pbbththth.
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Re: Heres a good one...whats your effective tax rate
Old 02-25-2006, 09:03 AM   #23
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Re: Heres a good one...whats your effective tax rate

Sold a rental last year and lost 30% to taxes and fees. Dwarfs the taxes from the day job (pre-fire). Also got hit with alt-min again.

Really need to fix alt-min ... before there are revolts.
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Re: Heres a good one...whats your effective tax rate
Old 03-09-2006, 08:10 PM   #24
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Re: Heres a good one...whats your effective tax rate

9%
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Re: Heres a good one...whats your effective tax rate
Old 03-10-2006, 02:16 PM   #25
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Re: Heres a good one...whats your effective tax rate

Negative 0.2% State plus federal rate.



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Re: Heres a good one...whats your effective tax rate
Old 03-10-2006, 02:28 PM   #26
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Re: Heres a good one...whats your effective tax rate

Quote:
Originally Posted by justin
Negative 0.2% State plus federal rate.

Hey Justin,

You have your own printing press or are you living under a bridge somewhere?

That is one great tax rate....the Feds and state are paying you!
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Re: Heres a good one...whats your effective tax rate
Old 03-12-2006, 08:13 PM   #27
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Re: Heres a good one...whats your effective tax rate

Quote:
Originally Posted by SteveR
You have your own printing press or are you living under a bridge somewhere?

That is one great tax rate....the Feds and state are paying you!
You didn't hear it from me, but the tax code may be screwed up. Yes, the feds are paying me big time, but the state decided to take most of the windfall back.

This year I'll probably have to pay a little tax with my wife working.
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Re: Heres a good one...whats your effective tax rate
Old 03-22-2006, 09:44 AM   #28
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Re: Heres a good one...whats your effective tax rate

Got my taxes from the accountant today. We switched accountants to a guy I know and like. I am very happy with him so far. I wasn't ready to do our own returns yet. Maybe in a couple of years when we don't have income from so many states.

Did pretty good this year. Average federal rate was 16.57%. With me working only part time and dumping all I could into the 401k and profit sharing, our tax bracket on ordinary income was at the 25% level and capital gains at 15%. We did have about $5500 in AMT though.

Minnesota bracket was 7.85%, Arizona at 4.72%, and Wisconsin at 6.75%.



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Re: Heres a good one...whats your effective tax rate
Old 03-22-2006, 09:54 AM   #29
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Re: Heres a good one...whats your effective tax rate

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Re: Heres a good one...whats your effective tax rate
Old 03-22-2006, 09:56 AM   #30
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Re: Heres a good one...whats your effective tax rate

Dumb me......I see that is an old post. Oh well, time for a nap.
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Re: Heres a good one...whats your effective tax rate
Old 03-22-2006, 11:34 AM   #31
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Re: Heres a good one...whats your effective tax rate

yeah, that was when he was trying to look tax savvy by showing his zero income tax. He pays zero by filing separately from his wife and putting the tax burden (and the resulting payments) on her. Probably results in her paying more than they'd pay filing jointly.
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Re: Heres a good one...whats your effective tax rate
Old 03-22-2006, 06:14 PM   #32
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Re: Heres a good one...whats your effective tax rate

My effective rate is 32%. Hope to get it down in retirement.
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Re: Heres a good one...whats your effective tax rate
Old 03-22-2006, 10:52 PM   #33
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Re: Heres a good one...whats your effective tax rate

Quote:
Originally Posted by Cute 'n' Fuzzy Bunny
yeah, that was when he was trying to look tax savvy by showing his zero income tax. He pays zero by filing separately from his wife and putting the tax burden (and the resulting payments) on her. Probably results in her paying more than they'd pay filing jointly.
He also has/had a carryforward Net Operating Loss that negated any income.


As is, without any more stuffing of my retirement accounts, I'm paying 4.64% fed income + 12.88% SS.

If I add in the state property tax, I'm paying almost 24%. Ouch.


Edit: TaxCut apparently designates the total self-employment tax as just SS in the pie chart of "where it went." It does include medicare.
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Re: Heres a good one...whats your effective tax rate
Old 03-23-2006, 07:20 AM   #34
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Re: Heres a good one...whats your effective tax rate

I was getting ready to brag about my .24% tax rate when I discovered that I had double-dipped on some medical expenses. Now the official rate is 2.9%

My daughter's rate via 1040EZ was a hefty 22%. Nothing EZ about that.



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Re: Heres a good one...whats your effective tax rate
Old 03-23-2006, 07:32 AM   #35
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Re: Heres a good one...whats your effective tax rate

We are probably stuck for two or three more years with fairly significant income taxes because our real estate LLCs are now selling their underlying properties.

Even though Phoenix has had its real estate market flatten out, the condo conversions we are participating in are still going gangbusters. I guess it's all location. We are getting about $8,000 a month on one of the conversions as it sells units. Another conversion was just completed and already 100 units are under contract to sell.

Looks like a pretty good year ahead.

Knock on wood.
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Re: Heres a good one...whats your effective tax rate
Old 03-23-2006, 07:43 AM   #36
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Re: Heres a good one...whats your effective tax rate

2005 - 0.012% all thanks to Katrina.

2006 - 23% State plus Federal (ballpark) - yikes! Now single and hitting the trad IRA stash. Which pot sure does make a diference. SWR jumps to 5% with a little Roth mini Conversion buried in there.
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Re: Heres a good one...whats your effective tax rate
Old 04-03-2006, 04:21 PM   #37
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Re: Heres a good one...whats your effective tax rate

I can finally join this thread too. Four tax returns and the estimated taxes. I rue the day I decided to start selling designated shares on schedule D, but my BIL the CPA has been working 100-hour weeks since February so I'm not sniveling.

Quote:
Originally Posted by Cute Fuzzy Bunny
Since we're all finishing our taxes, anyone wanna share their tax efficiency?
Turbotax spits it out for you on the cover sheet it prints with the returns.
0.0%. Oh, wait, that's the kid's tax returns. It's not totally zero since she has to turn over two bucks to the state.

7.66%. We took some rebalancing cap gains when Tweedy, Browne was $25/share and couldn't possibly go any higher (it's ~$28.50/share now but the rest of the portfolio has caught up). Those Roth IRA conversions add a bit, too, but we came in just $100 short of the top of the 15% bracket. I was a little off the dividends & cap gains but I made it up on the tax deductions.

Including state taxes our total percentage of taxable income was 11.74%. That's a little higher than I like (last year was 8% when we weren't taking cap gains) but it beats the heck out of the 18-23% we were paying for almost two decades before I ER'd. It'll probably be back down to 8% in 2006.

No complaints. I built a spreadsheet tracking nearly 30 years of spouse & I working since my first paycheck on Murrysville Golf Course. Our retirement portfolio and our net worth both rose last year, thanks to the small-cap stock & real estate markets. Our retirement portfolio is catching up to our lifetime salary. Our net worth is finally closing in on our lifetime total of our salary, interest, dividends, & cap gains. Over all those years of working, we've paid 13.04% of our total earned & unearned wealth in taxes.

Now it's time to take a look at the college-cost spreadsheet, an exercise I haven't done for a year or two. Can we say "scholarship"? We'd better learn how to...
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Re: Heres a good one...whats your effective tax rate
Old 04-03-2006, 04:37 PM   #38
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Re: Heres a good one...whats your effective tax rate

Let me make you tax weary feel a little bit better. My last working years I had to write five figure checks to the state and six figure checks to the feds, and that was in addition to a ridiculous amount of withholding.

Yes, you can smile while you write those checks, but it aint easy. You think "At least I have the good fortune to have made enough money to have to pay this much in taxes" and "Wow, I think I've just bought my very own wing strut for a B-1!"
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Re: Heres a good one...whats your effective tax rate
Old 04-03-2006, 04:42 PM   #39
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Re: Heres a good one...whats your effective tax rate

TurboTax says that it is only 10.33% for 2005. Damn that's sweet!

My 2006 goal is now to get it down to single didgets.
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Re: Heres a good one...whats your effective tax rate
Old 04-03-2006, 05:06 PM   #40
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Re: Heres a good one...whats your effective tax rate

Federal income tax only - 21.7%, totalling all taxes - 26.9% :P

I got creamed by having to cash out all my stock options (I know, what am I complaining about) when my former company was sold just before I retired.

2006 will be much different as most of our expenses will be from after-tax savings and we will convert some trad. IRA money to a Roth, working hard to stay just within the 15% bracket.


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