Still Learning
Recycles dryer sheets
11.4. Increased this tax season due to new non-retirement brokerage accounts and bank CDs. Next year CDs will double results.
Still working so full salaries are involved but State and Federal combined taxes were 21.59%. Federal alone was 18.23%
You made me look. Last full year working was 18.36% federal. Bad old days
TT says 8.61% and that is line 24 total tax divided by line 9 total income.
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... I haven't quite finished my taxes but my ETR is around 20%, largely due to Self Employment Tax on part time consulting income.
I guess I would exclude SE tax from the calculation as it isn't income tax, its the self-employment version of payroll taxes.
So, line 9 total income for the denominator, line 24 total tax for the numerator?Gross Income (before top line deductions) plus tax exempt interest - divide that into total income tax owed.
Self employed are going to see higher tax rates due to paying FICA plus income tax.
So, line 9 total income for the denominator, line 24 total tax for the numerator?
That gives me the same number as TurboTax Two-Year Report.