Author Topic: How much did you pay in total taxes?  (Read 15903 times)

GoingConcern

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How much did you pay in total taxes?
« on: March 16, 2016, 09:11:14 PM »
Income: $115k (married)
Federal Income Tax: $13.2k
State Income tax: $3.5k
Payroll taxes: $8,800
Property Tax: $3,000
Sales Tax: $2,000 estimate based on my credit card statements
Total Tax: Around $30k

And I'm pretty lucky my federal income taxes are low due to some education credits and my state income taxes are on the lower side (for now.)  But still 25% of my income went towards taxes and the number is probably higher because I'm not taking into account all taxes.

My tax situation in a few years will look even worst once I finish grad school 
« Last Edit: March 16, 2016, 09:34:34 PM by GoingConcern »

gooki

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Re: How much did you pay in total taxes?
« Reply #1 on: March 17, 2016, 12:04:53 AM »
We're around $40k for a similar income.

Tabaxus

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Re: How much did you pay in total taxes?
« Reply #2 on: March 17, 2016, 10:02:35 AM »
~$80k (including federal and state income + payroll taxes) at an income of $290k (MFJ).  Does not include sales tax (other than state use tax), which I'm not going to go back to try to calculate, or property tax (I rent, and while some portion of my rent is obviously imputed property tax, I'm not going to try to guess at that).
« Last Edit: March 17, 2016, 10:44:47 AM by Tabaxus »

dsmexpat

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Re: How much did you pay in total taxes?
« Reply #3 on: March 17, 2016, 10:17:13 AM »
Married
Gross: approx $70k
AGI: $35,999
Taxes: -$400

With thanks to the Saver's Credit and the American Opportunity Tax Credit.
The wife and I consider this to be a blow for world peace.

clarkfan1979

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Re: How much did you pay in total taxes?
« Reply #4 on: March 17, 2016, 10:28:49 AM »
I am looking at my taxes and our total income was $82,620. After deductions we paid $7526 in federal tax. I think it comes out to 9.1%. We have two rental houses so we get a lot of deductions.

Psychstache

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Re: How much did you pay in total taxes?
« Reply #5 on: March 17, 2016, 10:32:23 AM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish


BarkyardBQ

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Re: How much did you pay in total taxes?
« Reply #6 on: March 17, 2016, 10:36:54 AM »
Income: $129k (MFJ)
Federal Income Tax: $2524
Property Tax: $900
Medicare: ~$1800
Sales Tax: ~$1800
Total : $7024
« Last Edit: March 17, 2016, 10:52:02 AM by BackyarBQ »

Northwestie

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Re: How much did you pay in total taxes?
« Reply #7 on: March 17, 2016, 10:41:43 AM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish

0 federal?  How does that play out w/o kids?  Business losses?

Psychstache

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Re: How much did you pay in total taxes?
« Reply #8 on: March 17, 2016, 10:52:43 AM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish


0 federal?  How does that play out w/o kids?  Business losses?


2 403bs, 2 457s, 2 IRAs, and 2 HSAs did the trick   :)

BarkyardBQ

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Re: How much did you pay in total taxes?
« Reply #9 on: March 17, 2016, 10:53:53 AM »
2 403bs, 2 457s, 2 IRAs, and 2 HSAs did the trick   :)

You beat us by 1 HSA!

Giro

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Re: How much did you pay in total taxes?
« Reply #10 on: March 17, 2016, 11:08:47 AM »
Our total taxes for payroll and property was $80,200 last year.  I went over and over it and can't figure out why it's so damn high.  And that's with a military retirement that's not taxed for social security, medicare, city and state taxes.

:(

Our income was 281,000

I'm really doing something wrong.  One of us needs to quit working....pick me, pick me!!!!

I'm so glad we live in a VERY LCOL area. 

KCM5

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Re: How much did you pay in total taxes?
« Reply #11 on: March 17, 2016, 11:16:39 AM »
Our total taxes for payroll and property was $80,200 last year.  I went over and over it and can't figure out why it's so damn high.  And that's with a military retirement that's not taxed for social security, medicare, city and state taxes.

:(

Our income was 281,000

I'm really doing something wrong.  One of us needs to quit working....pick me, pick me!!!!

I'm so glad we live in a VERY LCOL area.

You're probably not doing something wrong - you just make a lot of money! You paid in taxes more than most households make in a year - Congratulations! (I mean that sincerely, you're killing it)

Vanguards and Lentils

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Re: How much did you pay in total taxes?
« Reply #12 on: March 17, 2016, 11:17:50 AM »
$0 federal tax on a $127k income is incredible!

On my ~$27k stipend, I paid:
$52 in local tax
$306 in payroll tax
$386 in state income tax
$2045 in federal income tax

so $2789 total.

KCM5

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Re: How much did you pay in total taxes?
« Reply #13 on: March 17, 2016, 11:18:06 AM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish

I'm confusted about the payroll taxes. I was under the impression that the only thing that reduces your payroll taxes is an HSA?

BarkyardBQ

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Re: How much did you pay in total taxes?
« Reply #14 on: March 17, 2016, 11:19:15 AM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish

I'm confusted about the payroll taxes. I was under the impression that the only thing that reduces your payroll taxes is an HSA?

HSA, 401k, 403b, 457b, FSA


I don't understand the difference between Payroll Tax and FIT... Isn't Payroll Tax just Withholding, which is modified once we know the Filed FIT?
« Last Edit: March 17, 2016, 11:21:07 AM by BackyarBQ »

Psychstache

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Re: How much did you pay in total taxes?
« Reply #15 on: March 17, 2016, 11:19:27 AM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish

I'm confusted about the payroll taxes. I was under the impression that the only thing that reduces your payroll taxes is an HSA?
DW and I don't pay into SS, so it's just medicare.

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Guses

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Re: How much did you pay in total taxes?
« Reply #16 on: March 17, 2016, 11:21:33 AM »
What is the difference between federal taxes and payroll taxes?

Anywho here is ours:

DI1K
Income: 162,000
Federal taxes: 31,700
Provincial taxes:7,000
Municipal taxes and school taxes: 6,000
Sales taxes: 5,400

So about 31% of our income. That is with us maxing our pretax retirement vehicles.

KCM5

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Re: How much did you pay in total taxes?
« Reply #17 on: March 17, 2016, 11:25:04 AM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish

I'm confusted about the payroll taxes. I was under the impression that the only thing that reduces your payroll taxes is an HSA?

HSA, 401k, 403b, 457b, FSA


I don't understand the difference between Payroll Tax and FIT... Isn't Payroll Tax just Withholding, which is modified once we know the Filed FIT?

Payroll taxes are SS and Medicare - its on your paycheck as FICA. Federal income tax is different. You pay payroll tax on almost all earned income (with some exceptions, such as the OP's) but you don't have to pay income tax on pretax retirement savings/deferred comp.

BarkyardBQ

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Re: How much did you pay in total taxes?
« Reply #18 on: March 17, 2016, 11:28:28 AM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish

I'm confusted about the payroll taxes. I was under the impression that the only thing that reduces your payroll taxes is an HSA?

HSA, 401k, 403b, 457b, FSA


I don't understand the difference between Payroll Tax and FIT... Isn't Payroll Tax just Withholding, which is modified once we know the Filed FIT?

Payroll taxes are SS and Medicare - its on your paycheck as FICA. Federal income tax is different. You pay payroll tax on almost all earned income (with some exceptions, such as the OP's) but you don't have to pay income tax on pretax retirement savings/deferred comp.

Oh yes, duh. Thanks!

We don't pay SS tax, which is why I only included Medicare.

starguru

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Re: How much did you pay in total taxes?
« Reply #19 on: March 17, 2016, 11:35:21 AM »
Federal: 146k
State: 29k
Property: 8k

sol

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Re: How much did you pay in total taxes?
« Reply #20 on: March 17, 2016, 11:46:22 AM »
This debate is always kind of silly.  Don't forget your gas taxes and utility taxes as separate from your sales taxes, and those taxes you pay indirectly by buying goods from companies that pay corporate taxes, and the foreign taxes levied on raw materials those companies import.  And your property taxes go to your county, which then pays state taxes out of them, but some is used to pay their employees who must then pay federal income taxes out of your dollars. And remember to deduct your state income or sales taxes from your federal tax liability, even though the rates aren't proportional, and subtract off the federal taxes you pay that will come back to you as SS payments.  And your federal taxes pay salaries for federal employees who then have to pay FICA taxes back to their employer to fund employee's pension and social security payments which will also incur federal income taxes back to their employer.

We pay taxes every time a dollar changes hands.  It's almost too easy to double or triple count some of them.  I can make my tax rate look like 0% or 50% of my income without even breaking a sweat.

starguru

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Re: How much did you pay in total taxes?
« Reply #21 on: March 17, 2016, 11:50:42 AM »
This debate is always kind of silly.  Don't forget your gas taxes and utility taxes as separate from your sales taxes, and those taxes you pay indirectly by buying goods from companies that pay corporate taxes, and the foreign taxes levied on raw materials those companies import.  And your property taxes go to your county, which then pays state taxes out of them, but some is used to pay their employees who must then pay federal income taxes out of your dollars. And remember to deduct your state income or sales taxes from your federal tax liability, even though the rates aren't proportional, and subtract off the federal taxes you pay that will come back to you as SS payments.  And your federal taxes pay salaries for federal employees who then have to pay FICA taxes back to their employer to fund employee's pension and social security payments which will also incur federal income taxes back to their employer.

We pay taxes every time a dollar changes hands.  It's almost too easy to double or triple count some of them.  I can make my tax rate look like 0% or 50% of my income without even breaking a sweat.

Ha, so true.  But Im not sure any debates were occurring in the thread, yet.  I sense that might change with your post.

No Name Guy

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Re: How much did you pay in total taxes?
« Reply #22 on: March 17, 2016, 01:33:39 PM »
I didn't see any debate here Sol.  Just people stating how many dollars exited there hands in the here and now.  Don't try and foam the thread.

Now, on to the thread....I'd have to look up numbers if I felt like being precise, but easily identifiable taxes (Fed income, social security, medicare / medicaid, Washington property tax, etc - things I have HARD numbers on):

Around 30 grand, in round numbers.  Note that this does NOT include the part (supposedly) paid by the employer for SS / Medi.  Add a shit ton more for that.  (Note - won't break it down since that's TMI for a public forum - quite frankly, I'm shocked those above are posting such details).

Not included are use / consumption taxes such as gas, liquor, excise, impost duties, car tabs, sales, etc. as these are extremely difficult for an individual to accurately tabulate and are highly variable from year to year and in particular circumstances. 

An example is sales taxes are low if you mostly buy untaxed items like unprepared food (flour, crackers, veggies, cooking oil, spices, bread, eggs, milk, butter, meat, etc), which is untaxed in Washington (prepared foods like restaurant meals however ARE taxed - so buy the bread, meat and mustard yourself, untaxed, to make the sandwich, or pay tax if you buy a sandwich), but you get raked over the coals if you buy liquor which has a per liter liquor tax AND you pay regular sales tax as well, or buy any big ticket items - computer, car, etc where the taxed value is high.  An even worse way to get screwed on the taxes, although you only directly pay the sales tax, is to buy booze out - they pay the liquor tax straight, but you pay the sales tax on their marked up prices, so it's about 3x more sales tax than buying from a grocery and drinking at home.

More generically, here's a quirk of leading a generally frugal life while being highly productive (e.g. well paid)  - easily identified taxes (as noted above) are my single biggest expense.  I pay more in taxes than literally for anything else.  More than my mortgage (used) to be, more than the cost of my health care, more than food, clothing, utilities, transportation, vacations, etc.  Hell....given what I spend, its a close race between what I spend on taxes and EVERYTHING else, combined.  So it's roughly $1 for the fine folks in DC, Olympia and Everett (US, State and County seats) to spend, and about 75 cents to a buck for me to decide how to spend on myself. 

Once I punch out of the rat race and FIRE in the not too distant future, I look forward to dumping my single biggest expense - the vast majority of my taxes. 


This debate is always kind of silly.  Don't forget your gas taxes and utility taxes as separate from your sales taxes, and those taxes you pay indirectly by buying goods from companies that pay corporate taxes, and the foreign taxes levied on raw materials those companies import.  And your property taxes go to your county, which then pays state taxes out of them, but some is used to pay their employees who must then pay federal income taxes out of your dollars. And remember to deduct your state income or sales taxes from your federal tax liability, even though the rates aren't proportional, and subtract off the federal taxes you pay that will come back to you as SS payments.  And your federal taxes pay salaries for federal employees who then have to pay FICA taxes back to their employer to fund employee's pension and social security payments which will also incur federal income taxes back to their employer.

We pay taxes every time a dollar changes hands.  It's almost too easy to double or triple count some of them.  I can make my tax rate look like 0% or 50% of my income without even breaking a sweat.

JZinCO

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Re: How much did you pay in total taxes?
« Reply #23 on: March 17, 2016, 01:55:39 PM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish


0 federal?  How does that play out w/o kids?  Business losses?


2 403bs, 2 457s, 2 IRAs, and 2 HSAs did the trick   :)
Well done! As a little test to myself I am attempting to do the same this year using retirement accounts and then the savers credit to wipe out any remaining liability.

clarkfan1979

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Re: How much did you pay in total taxes?
« Reply #24 on: March 18, 2016, 01:32:24 AM »
This debate is always kind of silly.  Don't forget your gas taxes and utility taxes as separate from your sales taxes, and those taxes you pay indirectly by buying goods from companies that pay corporate taxes, and the foreign taxes levied on raw materials those companies import.  And your property taxes go to your county, which then pays state taxes out of them, but some is used to pay their employees who must then pay federal income taxes out of your dollars. And remember to deduct your state income or sales taxes from your federal tax liability, even though the rates aren't proportional, and subtract off the federal taxes you pay that will come back to you as SS payments.  And your federal taxes pay salaries for federal employees who then have to pay FICA taxes back to their employer to fund employee's pension and social security payments which will also incur federal income taxes back to their employer.

We pay taxes every time a dollar changes hands.  It's almost too easy to double or triple count some of them.  I can make my tax rate look like 0% or 50% of my income without even breaking a sweat.

I think it's helpful when people report their property taxes. There is a lot of variability and I am always trying to identify areas with low property taxes.

MustachianAccountant

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Re: How much did you pay in total taxes?
« Reply #25 on: March 18, 2016, 04:51:17 AM »
More generically, here's a quirk of leading a generally frugal life while being highly productive (e.g. well paid)...

LOL, not to derail the thread, but if there's one thing I've learned in my working life, it's that these two things are NOT the same. :-)

Psychstache

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Re: How much did you pay in total taxes?
« Reply #26 on: March 18, 2016, 06:35:03 AM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish


0 federal?  How does that play out w/o kids?  Business losses?


2 403bs, 2 457s, 2 IRAs, and 2 HSAs did the trick   :)
Well done! As a little test to myself I am attempting to do the same this year using retirement accounts and then the savers credit to wipe out any remaining liability.

Good Luck! That is exactly what we did this past year (contributed to get AGI to 36,500 and use saver's to bring it to zero). It took some stretching but we got there, I'm sure you can too.

No Name Guy

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Re: How much did you pay in total taxes?
« Reply #27 on: March 18, 2016, 04:12:17 PM »
I don't disagree that there are a lot of low productivity of actual goods  / high paid types...  cough, cough, wall street bankers.

But when you're a mid career engineer who is pretty darn good at what you do (not to toot my own horn too much) and works in a high value added / high tech industry like aerospace, you earn what you're paid, and quite possibly then some*....and we're paid pretty well here at Large Seattle Aerospace Company.

* - I always wonder why the software types get paid so much.  If their shit crashes, it's meh, ctrl-alt-delete / restart.....if my shit crashes, it's a body filled smoking hole in the ground on the news for days or weeks.

More generically, here's a quirk of leading a generally frugal life while being highly productive (e.g. well paid)...

LOL, not to derail the thread, but if there's one thing I've learned in my working life, it's that these two things are NOT the same. :-)

msilenus

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Re: How much did you pay in total taxes?
« Reply #28 on: March 18, 2016, 04:39:45 PM »
* - I always wonder why the software types get paid so much.  If their shit crashes, it's meh, ctrl-alt-delete / restart.....if my shit crashes, it's a body filled smoking hole in the ground on the news for days or weeks.

Would you like some bread and peanut butter to go with all that jelly? :D

Vanguards and Lentils

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Re: How much did you pay in total taxes?
« Reply #29 on: March 18, 2016, 05:00:18 PM »
* - I always wonder why the software types get paid so much.  If their shit crashes, it's meh, ctrl-alt-delete / restart.....if my shit crashes, it's a body filled smoking hole in the ground on the news for days or weeks.

Would you like some bread and peanut butter to go with all that jelly? :D

Jealousy or not... I'm neither an aerospace or software engineer, but I think software crashing has the potential to f*** up the world a lot more than planes crashing.

chesebert

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Re: How much did you pay in total taxes?
« Reply #30 on: March 18, 2016, 05:25:14 PM »
160k to the gobberment of a certain eastern Asian country. Thank god my company is backstopping this attrosity.
« Last Edit: March 18, 2016, 05:31:26 PM by chesebert »

seattlecyclone

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Re: How much did you pay in total taxes?
« Reply #31 on: March 18, 2016, 05:37:05 PM »
* - I always wonder why the software types get paid so much.  If their shit crashes, it's meh, ctrl-alt-delete / restart.....if my shit crashes, it's a body filled smoking hole in the ground on the news for days or weeks.

Why do software developers get paid so much? Why does anyone get paid what they do? Supply and demand.

Sure, the fact that failing at your job could cause deaths is something that could act as a slight deterrent to pursuing that job, which in turn reduces the supply of good aerospace engineers and should theoretically push their compensation up to match. But all things considered, it's a relatively minor factor.

meandmyfamily

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Re: How much did you pay in total taxes?
« Reply #32 on: March 18, 2016, 06:18:50 PM »
With 4 kids and the adoption tax credit we just get money back.  We can't even use the full credit because we don't pay taxes.  Income $100,000  one income, married, property taxes are $2,500

LeRainDrop

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Re: How much did you pay in total taxes?
« Reply #33 on: March 18, 2016, 11:04:27 PM »
Well, this sucks.  As a childless single filer, I paid just over $60,000 in total for federal income tax, Social Security tax, Medicare tax, state income tax, and property tax in 2015.

turketron

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Re: How much did you pay in total taxes?
« Reply #34 on: March 18, 2016, 11:38:03 PM »
Gross Income: $77.028.00
Federal taxes:  $6,423.00
Soc Sec taxes: $3,673.93
Medicare:        $859.23
State taxes:     $2,393.00
Total:              $13,349.16

This ended up being a 17.3% tax rate all told. I was several hundred bucks shy of maxing out my 401k last year but I'm on track this year to hit the full $18k so this should help a little bit for 2016!

« Last Edit: March 19, 2016, 11:09:59 AM by turketron »

Duredhel

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Re: How much did you pay in total taxes?
« Reply #35 on: March 19, 2016, 12:27:24 AM »
Single, childless filer:

Taxable income: 522k
Income taxes: 28.2k
Sales taxes: 1k

In USD, low tax jurisdiction ;)

EnjoyIt

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Re: How much did you pay in total taxes?
« Reply #36 on: March 19, 2016, 12:55:08 AM »
Quite a few people here making 6 figures but paying almost nothing in taxes.

I hope these are not the same people complaining that the 1% are not paying their fair share.

Yaeger

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Re: How much did you pay in total taxes?
« Reply #37 on: March 19, 2016, 01:34:43 AM »
Income: 79k (single, no children)
Federal Income Tax: $13.1k
State Income tax: $0 (military)
Social Security: $4.4k
Medicare: $1k
Property Tax: $0
Sales Tax: $2,000ish
Total Tax: Around $20.5k (26%)

dreams_and_discoveries

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Re: How much did you pay in total taxes?
« Reply #38 on: March 19, 2016, 05:13:54 AM »
It's always interesting seeing how different countries organise their tax systems...

I'm in the UK, and have my own limited company, so I can organise my tax affairs reasonably efficiently. I personally 'earn'  just under £100k in a combination of salary/dividends/interest, which I have to pay £25k income taxes on. So net 25% tax rate.

I've included income tax on salary/dividends/interest and national insurance. Haven't included council tax/road tax and not sure I could even quantify what I've paid in other stealth taxes such as VAT/IPT/fuel tax.

starguru

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Re: How much did you pay in total taxes?
« Reply #39 on: March 19, 2016, 06:55:24 AM »

Single, childless filer:

Taxable income: 522k
Income taxes: 28.2k
Sales taxes: 1k

In USD, low tax jurisdiction ;)

522k in income and only 28k in taxes?  How did u pull that off?


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Travis

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Re: How much did you pay in total taxes?
« Reply #40 on: March 19, 2016, 08:40:55 AM »
On $91k of taxable income (MFJ, one child, renting):

-about $6200 federal was withheld during the year.  We received a $2000 refund.

-$50 in State taxes withheld. Getting it back.

samburger

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Re: How much did you pay in total taxes?
« Reply #41 on: March 19, 2016, 08:47:08 AM »
Spouse and I grossed $102k in 2015, paid $7k federal, $2k state. The tax fairy was kind to us because we paid for full-time tuition in 2015 (plus we maxed trad IRAs + 401ks, of course).

« Last Edit: March 19, 2016, 08:48:49 AM by samburger »

Duredhel

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Re: How much did you pay in total taxes?
« Reply #42 on: March 19, 2016, 09:18:03 AM »

Single, childless filer:

Taxable income: 522k
Income taxes: 28.2k
Sales taxes: 1k

In USD, low tax jurisdiction ;)

522k in income and only 28k in taxes?  How did u pull that off?


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Much Fishing to Do

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Re: How much did you pay in total taxes?
« Reply #43 on: March 19, 2016, 10:02:21 AM »
Income: 470k
Total Taxes (incls self-employment tax, federal, state, local, property): 145k

Figured out too late for last year to change my business structure...next year should be closer to 25% than the 31% above. Hurts to pay in taxes what my fam could live on for 2 years...but not complaining as I never thought my business would ever gross this much...

starguru

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Re: How much did you pay in total taxes?
« Reply #44 on: March 19, 2016, 10:14:17 AM »

Income: 470k
Total Taxes (incls self-employment tax, federal, state, local, property): 145k

Figured out too late for last year to change my business structure...next year should be closer to 25% than the 31% above. Hurts to pay in taxes what my fam could live on for 2 years...but not complaining as I never thought my business would ever gross this much...

How did u manage that?  I made slightly more and paid 146 just in federal taxes alone, not counting state FICA Medicare etc


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Re: How much did you pay in total taxes?
« Reply #45 on: March 20, 2016, 07:03:14 AM »
starguru -

My main adjustments/deductions were the main self-employed helps: maxed 53k individual 401k, 10k family insurance premium deduction, 11k half employment tax deduction.  Exemptions were mostly phased out but not totally (I have 3 kids)...after that and all the state/local tax deductions I was hitting on AMT, so the only other good deduction AMT wouldn't add back was $30k charitable.

So after all that my federal without self-employment tax was figured off of a final 332k taxable income which is about $83k, AMT added in about $6k so I ended up with 90k federal owed .   SE was then 27k, state 14k, local 11k, property 3k.





Zikoris

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Re: How much did you pay in total taxes?
« Reply #46 on: March 20, 2016, 03:42:38 PM »
We earned $77,864 and paid $7096 in taxes, so 9.1%. The only deductions are RRSP contributions, and my boyfriend bought one monthly transit pass last year.

NV Teacher

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Re: How much did you pay in total taxes?
« Reply #47 on: March 20, 2016, 03:48:42 PM »
Single, no children

Gross Income     $74,300
Fed. Tax             $11,800  (15.88%)
State Tax           $0 (no state income tax)

NaturallyHappier

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Re: How much did you pay in total taxes?
« Reply #48 on: March 20, 2016, 05:43:52 PM »
Income: $127k (married)
Federal Income Tax: $0
State Income tax: $0
Payroll taxes: $2,000
Property Tax: $5,000
Sales Tax: $6,000-ish
Total Tax: so about $13k-ish

I'm confusted about the payroll taxes. I was under the impression that the only thing that reduces your payroll taxes is an HSA?

HSA, 401k, 403b, 457b, FSA


I don't understand the difference between Payroll Tax and FIT... Isn't Payroll Tax just Withholding, which is modified once we know the Filed FIT?

Payroll taxes are SS and Medicare - its on your paycheck as FICA. Federal income tax is different. You pay payroll tax on almost all earned income (with some exceptions, such as the OP's) but you don't have to pay income tax on pretax retirement savings/deferred comp.

Oh yes, duh. Thanks!

We don't pay SS tax, which is why I only included Medicare.

Hoe do you get away with not paying SS?  I thought that was required for all profits over 118K?

seattlecyclone

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Re: How much did you pay in total taxes?
« Reply #49 on: March 20, 2016, 06:53:34 PM »
Some state governments still opt their employees out of social security.

 

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