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Just a fun poll - how much did you pay total in income taxes, and for bonus points what was your total tax rate? Here’s mine to start:
$72,000; 21.6%
$72,000; 21.6%
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I made less, so less. -
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$70,777, effective tax rate 16.87%. It finally paid off to have 3 little kids
Compared to last year: $118,091, 24.02% effective tax rate
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I paid more in federal tax than I dreamed I would ever make as a teenager. I guess that’s good?Comment
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Paraphrasing, I'd tell you, but then you'd have to kill me.
Think "benefits" of massive TLH in 2000 - 2001 and 2008 - 2009 and Roth contributions/conversions, coupled with ACA benefits of lower MAGI.Comment
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Effective federal tax rate was 23.3%, which was quite a bit better than the 30.3% I paid last year on slightly less income. Had an almost $20,000 loss on the sale of our rental home (house we bought and lived in during residency 11 to 6 years ago), which “helped” as far as taxes go, but would have rather not had the loss.
Total federal income tax liability was in the 6 figures. I paid more in federal income taxes last year than most people make in a year, and more than twice what I made for a year in residency. Crazy to think about.Comment
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Effective federal tax rate was 23.3%, which was quite a bit better than the 30.3% I paid last year on slightly less income. Had an almost $20,000 loss on the sale of our rental home (house we bought and lived in during residency 11 to 6 years ago), which “helped” as far as taxes go, but would have rather not had the loss.
Total federal income tax liability was in the 6 figures. I paid more in federal income taxes last year than most people make in a year, and more than twice what I made for a year in residency. Crazy to think about.
It really is. Gets me every year. You go from making 50k a year to cutting 6 figures in taxes. Makes no sense.
This year tax cut was nice, made more paid less.Comment
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I paid more in federal tax than I dreamed I would ever make as a teenager. I guess that’s good?
That's an understatement.
Total federal income tax liability was in the 6 figures. I paid more in federal income taxes last year than most people make in a year, and more than twice what I made for a year in residency. Crazy to think about.
I paid more in income tax this year than twice what I made in all of my 5 year residency. Crazy indeed.
Overall the insane amount of tax we pay is, as many have said, a good problem to have.
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According to AOC, I didn’t pay my fair share, so I guess not enough...Comment
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This year tax cut was nice, made more paid less.
Yeah, but how much was your refund? ;-)Comment
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The correct amount, which was more than our “fair share”.Comment
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We paid 70k in just state income taxes and 35k in property taxes. That’s a 100k that we were not able to deduct on our federal taxes this year. So I had to write a check for 22k last week. Not happy at all with the new tax law!Comment
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Those are insane numbers.Comment
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I need to vent my frustration....
My state has an income tax cliff. When you make a sh*#load of income, you hit a threshold where the marginal rates soar. The state income tax goes from what is normally taxed at a marginal rate to a total rate on all of your income going back to your first dollar. So the state marginal income tax rate goes way up to 80% on each extra dollar of income, until they catch up on taxing you at the highest bracket rate on every dollar you earned.
Under the old tax law, the high income tax cliff takes me to an 80% state marginal rate (previously deductible under the old tax law) plus 39.6% federal tax on the remaining 20%, leading to my highest total marginal rate of 88% in 2017.
Now under the new tax law, my highest state marginal rate is 80%, no longer deductible for federal tax purposes, and then I pay 37% federal marginal. This gives me a total marginal rate of 117%. For each extra $1.00 earned after going over the tax cliff, I owe $1.17 in state and federal taxes. Once I get to the end of the tax cliff, the state rate goes back down to around 9% for a marginal rate of 46%.
Talk about taxageddon..... I feel like I have found it. I may need to stop working so I don't I destroy my finances.Comment
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