Add the tax federal and state and compare to gross income. What percent did you pay?
I paid 12 percent.
Add the tax federal and state and compare to gross income. What percent did you pay?
I paid 12 percent.
I also paid about 12% in Federal and state taxes. I live in California a high tax state.
Did you pay 12% flat? Does your tax rate not climb as your income grows? Eg 12% taxed up to $40k. 15% taxed from $40,001-$60k. 20% from $60,001 - 75k, etc
or is it 12% regardless of income?
Here in my province we pay fed-which goes up from 15% to 22%, 26% and 29% (for over 132k per year) and then tack on Prov. tax-smaller-like 5%, 7%, 11% is highest
So..I pay 20% (both fed & prov) for first 40k (approx) then 32% for the next big chunk and so on....
My income is low enough that I've been paying 0% for almost a decade. Now that I live in Oregon I don't pay a sales tax either.
I pay way too much (a lot more than Romney %wise) but am happy because I have the income to support our family.
Many years, 0% in federal tax, and this state has no income tax. I arrange my affairs to have no taxable income as often as possible. I suppose that could be reckoned as 100% as well :-)
we pay 15% for our business taxes (GST). and that's it for now. nothing in the us and no income tax here (don't earn enough). and then, like bae, i arrange things to pay less.
The stated 12% is my effective rate for both Fed and state. As most of my income comes from investments I control what I invest in for tax advantage. I try to invest in dividend paying stocks that are qualified for the max 15% rate, muni bonds, and T-bills which are free from state tax. I also control how much I take out of my IRA.
Finally did my taxes last night. 15% federal, 5% state. Last year was 14.2% federal, 5% state.
I'd say between fifteen and twenty percent, because my property taxes are high.
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