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What % of AGI Is Your Federal Tax?
01-21-2012, 06:58 PM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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What % of AGI Is Your Federal Tax?
The candidates are being asked this, how about us?
If you don't yet have enough of your 2011 data to know, use 2010.
I pay 15% of AGI, almost to the penny. And I have relatively small SS, and no pension, though I am required to withdraw RMDs.
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
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01-21-2012, 07:02 PM
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#2
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Administrator
Join Date: Jul 2005
Location: N. Yorkshire
Posts: 34,130
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Last year and this it is right around 15%.
Mostly pension income.
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Retired in Jan, 2010 at 55, moved to England in May 2016
Enough private pension and SS income to cover all needs
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01-21-2012, 07:06 PM
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#3
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Thinks s/he gets paid by the post
Join Date: Feb 2006
Posts: 4,872
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Because I defer income into 457, 403b and 402 plans I end up paying a total of 16% tax on my AGI. In ER it will go down to 10%
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“So we beat on, boats against the current, borne back ceaselessly into the past.”
Current AA: 75% Equity Funds / 15% Bonds / 5% Stable Value /2% Cash / 3% TIAA Traditional
Retired Mar 2014 at age 52, target WR: 0.0%,
Income from pension and rent
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01-21-2012, 07:07 PM
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#4
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Recycles dryer sheets
Join Date: Jan 2012
Location: Upstate SC
Posts: 294
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This year I am at 15% as well.
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Don't sweat the small stuff! And realize, it is all small stuff!
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01-21-2012, 07:12 PM
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#5
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Moderator Emeritus
Join Date: May 2007
Posts: 12,901
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We paid 25.7% of AGI in Federal Income Tax for 2010. Should be around 20% for 2011 (first full year of retirement for me = lower income).
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01-21-2012, 07:25 PM
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#6
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Full time employment: Posting here.
Join Date: May 2007
Posts: 984
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In 2010, paid 17.6% of AGI. For 2011, should be just under 15%.
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01-21-2012, 07:35 PM
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#7
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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In 2010, our Federal income tax was 12.2% of AGI. Our income was actually about 33% higher than our AGI and all without any tax-exempt muni bonds.
In 2009, our Federal income tax about 9% of AGI.
We had more income than the couple in this thread which describes how to pay low taxes: Bogleheads • View topic - Taxes on a family with $200,000 gross income
I will hazard a guess that folks with lowish income taxes have the following characteristics:
(a) married with children
(b) tax credits (foreign tax credit, education credit, child credit)
(c) itemized with charitable contributions, high medical bills
(d) possibly lowish income
(e) possibly qualified dividends and LT cap gains (taxed at 15% or less)
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01-21-2012, 08:24 PM
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#8
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Recycles dryer sheets
Join Date: Jan 2007
Posts: 398
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Haven't calculated it yet for this year, but it was 19.41% a year ago.
Add in state, social security, medicare, state disability, property, sales, and misc, and the total effective rate comes to 34.57%. Total marginal rate is 43.5%.
I'm single and still working. No children. Sources of income include salary (primary), bonus, interest and (qualified) dividends, royalties, and a deduction for harvested capital losses. Muni interest is not included. I itemize (mortgage, state and local taxes, charity) and have a modest credit for foreign taxes. And then there's the AMT.
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01-21-2012, 08:28 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2003
Location: Hooverville
Posts: 22,983
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So it seems that most pay >= 15%. I had an erroneous idea from casually reading some posts in the past.
Ha
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"As a general rule, the more dangerous or inappropriate a conversation, the more interesting it is."-Scott Adams
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01-21-2012, 08:36 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Aug 2006
Posts: 1,558
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I think a lot of the posts are talking about total income, not AGI. My tax rate on total income is lower than the rate on our AGI, since we defer 33k in income. That lowers AGI and increases our tax rate on AGI.
Quote:
Originally Posted by haha
So it seems that most pay >= 15%. I had an erroneous idea from casually reading some posts in the past.
Ha
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01-21-2012, 08:40 PM
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#11
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2005
Posts: 10,252
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I definitely wrote about AGI. We pay a much lower rate on total income.
And I kept it to Federal income tax -- no FICA, no medicare, no state, no local, no school, no property, and no cosmetic surgery taxes.
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01-21-2012, 10:30 PM
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#12
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Thinks s/he gets paid by the post
Join Date: Feb 2007
Posts: 2,526
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2% 2010 tax return. Haven't done taxes for this year yet
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01-21-2012, 10:50 PM
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#13
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jan 2007
Location: New Orleans
Posts: 47,500
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14% for me. ... Edited: After checking my Turbotax printout files, I found out I was wrong. So much for my memory. Anyway, my 2010 federal income tax was 7.5% of my AGI. I had a foreign tax credit and qualified dividends. The standard deduction and exemption helped, and my AGI would be considered low (though it seems fine to me).
I'm still amazed at how much less I must pay in taxes, now that I am retired. For example, in 2008 when I was working fulltime, my federal income tax was 16.9% of my AGI.
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Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities. - - H. Melville, 1851.
Happily retired since 2009, at age 61. Best years of my life by far!
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01-21-2012, 11:07 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Sep 2010
Location: midwestern city
Posts: 4,061
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Sorry Ha I have no idea what my AGI is. But I know I do pay more than 15% of taxes on my total income !
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Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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01-21-2012, 11:19 PM
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#15
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Full time employment: Posting here.
Join Date: Nov 2010
Posts: 628
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17.9% for 2010. This year will be quite a bit greater.
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01-22-2012, 12:29 AM
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#16
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Thinks s/he gets paid by the post
Join Date: Jan 2007
Location: Silicon Valley
Posts: 1,812
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Our Federal was 22.7% for 2010 and State was 7.5%.
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I be a girl, he's a boy. Think I maybe FIRED since July 08. Mid 40s, no kidlets. Actually am totally clueless as to what is going on with DH.
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01-22-2012, 05:11 AM
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#17
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Recycles dryer sheets
Join Date: Sep 2011
Location: Easten Long Island
Posts: 414
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Five year (2006 - 2010) mean = 21% of AGI for Federal and 4% for State.
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01-22-2012, 07:07 AM
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#18
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,331
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15.94% of AGI. My pension is almost fully taxable. That will go up when I have to take RMDs instead of pulling from taxable.
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Idleness is fatal only to the mediocre -- Albert Camus
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01-22-2012, 07:08 AM
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#19
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Recycles dryer sheets
Join Date: Jul 2007
Posts: 60
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I haven't done this years taxes but my spreadsheet tells me it will be about 13%.
In 2010 it was -3.5% which was fascinating since I had never actually made a profit from the federal government before. It helped that the DW was unemployed most of the year and since she owned her own business she was not eligible for unemployment compensation. We also replaced our furnace which provided a credit that exceeded our payable taxes. In the end we got $800 for the Making Work Pay credit and another $1000 for the Child Tax credit.
Looking back it appears that the lowest (other than the -3.5%) was 2.7% when I was working a summer job to pay for my college and the peak was 20.7% in 2000.
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01-22-2012, 07:15 AM
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#20
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Oct 2005
Location: North Oregon Coast
Posts: 16,483
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Was about 13% in 2010, should be about the same in 2011 when all is said and done. This is filing as MFJ, no kids, taking the standard deduction and in the 25% marginal tax bracket.
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"Hey, for every ten dollars, that's another hour that I have to be in the work place. That's an hour of my life. And my life is a very finite thing. I have only 'x' number of hours left before I'm dead. So how do I want to use these hours of my life? Do I want to use them just spending it on more crap and more stuff, or do I want to start getting a handle on it and using my life more intelligently?" -- Joe Dominguez (1938 - 1997)
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