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Old 01-22-2012, 08:34 AM   #21
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Old 01-22-2012, 09:50 AM   #22
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Old 01-22-2012, 09:56 AM   #23
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Quote:
Originally Posted by justplainbll View Post
Five year (2006 - 2010) mean = 21% of AGI for Federal and 4% for State.
Your state tax rate is pretty good - ours is 6.6%.
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Old 01-22-2012, 10:38 AM   #24
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Originally Posted by Spanky View Post
Your state tax rate is pretty good - ours is 6.6%.
I've been relatively heavy into US Treasuries which are exempt from state income tax.
The State percentage is 4% of the Federal AGI but 6.7% of the State AGI.
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Old 01-22-2012, 10:49 AM   #25
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About 1% but we are low income.
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Old 01-22-2012, 11:02 AM   #26
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2011 - 10.6% of AGI
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Old 01-22-2012, 11:20 AM   #27
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For 2011, it is 5% of federal AGI. It is about 4.6% for my state income taxes. Amazing that they are so close when you consider that I am in the 15% bracket for federal but only the 6.85% bracket for my state (New York) and the two AGIs are very nearly the same. Nearly 25% of my federal AGI is qualified dividends and LTCGs and I am in the 0% federal bracket for that.
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Old 01-22-2012, 12:20 PM   #28
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Federal: 14.5% State: 2.5%. Part of my pension is exempt from the state.
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Old 01-22-2012, 12:28 PM   #29
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Havent done 2011, but Turbotax says my 2010 was 15.9%. Itemizing with a mortgage, being single really helps on my taxes as I have no interest free income, or dividends reported. State is 3.2%. It should be about the same this year which means I need to fill them out soon, so I can get back my interest free loan I give the government each year.
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Old 01-22-2012, 12:43 PM   #30
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6.9% for 2010, but my AGI is pretty small, until I start collecting my pension someday.
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Old 01-22-2012, 12:48 PM   #31
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Federal tax was 15% of AGI for 2010.
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Old 01-22-2012, 12:55 PM   #32
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Last full year of working 2010: 17.6%
Expected 2013: 8% with only retirement income.
2011 and expected 2012 are skewed by non-retirement income but are 16% and 17% respectively.

Projections for next 30 years run from 8% to 11% ranging higher as I age. I project a dip to as low as 4% for a couple of years 6 and 7 years from now.

These are only Federal income taxes.
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Total Fed tax (line 60)
Old 01-22-2012, 01:30 PM   #33
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Total Fed tax (line 60)

Quote:
Originally Posted by haha View Post
I wish I could see come of the returns where people describe paying almost no federal income tax. I need to learn some of that sht!

Ha
I calculated 2010: 5.65% of AGI, but AGI is not a good number to look at when we have Tax free income, Long term gains at Zero and Roth conversion to fill the 15% bracket. I had to switch the income from CDs to Cali. Tax free bond funds, after I was surprised by high tax rates I had to pay in early years of ER. Nowadays we have no CDs!

Estimated 2011: total Fed tax (line 60) 4.5 % of AGI
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Old 01-22-2012, 02:33 PM   #34
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I wish I could see come of the returns where people describe paying almost no federal income tax. I need to learn some of that sht!
Ha
No kidding Ha! For years our federal income tax has been by far our largest budget item representing over 50% of the total budget.

I entered our AGI and deductions into TaxCaster and it estimated our 2011 federal tax rate at 26.7% and marginal tax 35%. In comparison with others in this thread seems high, but all I need to think is what our taxes would be on comparable income in the "old country" in Europe, I suddenly feel much better.
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Old 01-22-2012, 02:39 PM   #35
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Bear in mind that I am retired, with no pension, retiree medical coverage, or Social Security. I also have a very tax-efficient portfolio, and a bunch of realized losses I captured in February 2009.

0%, or with refundable tax credits figured in, -1.7% for 2010. This year will be similar. :-)

The last two years I worked were insane. Combined taxes (fed, state, payroll) hit 47% as I recall.
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Old 01-22-2012, 02:51 PM   #36
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2010 actual 12.1%
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Old 01-22-2012, 03:28 PM   #37
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I appreciate all this excellent feedback.

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Old 01-22-2012, 03:43 PM   #38
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15.00% for 2010. All sorts of strange stuff in there, but no capital gains.
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Old 01-22-2012, 05:47 PM   #39
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Wondering if the discussion is about effective tax rate...

2010 1040:
Total tax divided by AGI is 8.85%.
Effective tax rate is 5.91%

MFJ.
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Old 01-22-2012, 06:18 PM   #40
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