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Thread: Percent Tax You Paid To Income

  1. #1
    heydude
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    Percent Tax You Paid To Income

    Add the tax federal and state and compare to gross income. What percent did you pay?

    I paid 12 percent.

  2. #2
    Senior Member freein05's Avatar
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    I also paid about 12% in Federal and state taxes. I live in California a high tax state.

  3. #3
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    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....

  4. #4
    Senior Member screamingflea's Avatar
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    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.

  5. #5
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    I pay way too much (a lot more than Romney %wise) but am happy because I have the income to support our family.

  6. #6
    Senior Member bae's Avatar
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    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 :-)

  7. #7
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    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.

  8. #8
    Senior Member freein05's Avatar
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    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.

  9. #9
    Senior Member jp1's Avatar
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    Finally did my taxes last night. 15% federal, 5% state. Last year was 14.2% federal, 5% state.

  10. #10
    Senior Member JaneV2.0's Avatar
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    I'd say between fifteen and twenty percent, because my property taxes are high.

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