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View Poll Results: What was your EFFECTIVE tax rate for 2015?
Less than 10% 32 28.32%
Between 10% and 20% 47 41.59%
Between 20% and 25% 13 11.50%
Over 25% 21 18.58%
Voters: 113. You may not vote on this poll

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Old 03-15-2016, 11:07 PM   #41
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My Federal per TT is 15.15%, which is about 1% higher than last year. Had more deductions last year.
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Old 03-16-2016, 12:11 AM   #42
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We shifted some income to the gal this year, so she was the high earner and had an effective rate of 23%. I was at 17.74%. Adding our line 63 taxes and dividing by our combined line 43 income we will pay 21.3%. Somebody has to pay for our social security checks!
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Old 03-16-2016, 10:19 AM   #43
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11% FIT this year. It's been higher and lower other years.
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Old 03-16-2016, 11:18 AM   #44
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Federal and State effective tax rate on AGI for 2015: 4.5%
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Old 03-16-2016, 02:25 PM   #45
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On a gross income of $40,300 I paid 0 income tax and got a refund of $3250. Thank you ACA refundable tax credit
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Old 03-16-2016, 02:41 PM   #46
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0% Feds
0% State

There are some advantages to being "poor"
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Old 03-16-2016, 02:48 PM   #47
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Quote:
Originally Posted by Major Tom View Post
0% Feds
0% State

There are some advantages to being "poor"
I paid 0% Fed and .25% State but around 15% Self Employment tax.
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Old 03-16-2016, 03:19 PM   #48
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Mine was 3.22% still working and not retired Things that *helped lower it were being unemployed and having a child...


apparently you have to spend money, to save money according to the current tax system
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Old 03-16-2016, 03:33 PM   #49
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Mine came to 14.58%. But after spending the time to calculate it, I pondered why I went through the exercise as there is nothing I can do about it now or in the future.

It is what it is. I suppose it was interesting once.
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Old 03-16-2016, 03:35 PM   #50
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The Line 43/Line 63 number is kinda weird to me for a couple of reasons:

1. There are significant tax credits below line 63 which reduce one's taxes. There are credits at line 55 which also reduce one's taxes, too, so why exclude some credits?

2. There are significant exclusions and deductions above line 43 which lower taxable income, but that income is still quite beneficial.
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Old 03-16-2016, 03:57 PM   #51
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The definition from Investopedia:

"The effective tax rate for individuals is the average rate at which their earned income is taxed. The effective tax rate for a corporation is the average rate at which its pre-tax profits are taxed. An individual's effective tax rate is calculated by dividing total tax expense by taxable income."

I just figure total tax owed/total income and go with that which is

5.0% Federal
3.45% State
8.45%. Total

Using the 43 line/63 line it's:

10.6% Federal
7.2% State
17.8% Total

I also don't line the 63/43 number because it leaves out some credits that I was able to use.

For me, MY effective tax rate is the percentage of taxes I have to pay from my TOTAL income.
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