TAXES...what do ya'll pay?

[joe shmoe]

i'm in NY so between city, state and fed...claming 0 dependants across the board, i pay about 33% in taxes (give or take).

i'm asking because i want to know what ya'll are paying percentage wise, and where you live. i want to get the hell out of the city and into a state that allows me to keep more of my money. if you have some dependants, maybe you can find out what a single guy with no dependants pays?

besides, lets see who gets it in the ass the hardest...tax wise.

have a nice day

[brooklynheight]

i have to pay ny state 600 this year

[ramboj70]

Originally Posted by joe shmoe

i'm in NY so between city, state and fed...claming 0 dependants across the board, i pay about 33% in taxes (give or take).

i'm asking because i want to know what ya'll are paying percentage wise, and where you live. i want to get the hell out of the city and into a state that allows me to keep more of my money. if you have some dependants, maybe you can find out what a single guy with no dependants pays?

besides, lets see who gets it in the ass the hardest...tax wise.

have a nice day

hey bro, pack your shit and move to florida, no state taxes.

[Hogg]

28% fed, 8% state, and another 2% in misc fees. If we are counting fica and medicare, add another 7.65%.

BTW - Your tax rate is independent of what you claim on your W2. If, for example, you claim 5 dependents on your W2 at the beginning of the year, your paycheck will be substantially higher but you will be responsible for the tax on your true filing status on April 15th and, if you failed to pay in enough tax, say for example you owed the fed a few thousand, it is likely that you would also be forced to pay penalties. So, though you claim 0 and have calculated your tax contributions off of your check stub, that does not necessarily reflect your actual tax bracket.

Also, your effective tax rate is what really counts. Tax rates on capital gains are different than tax on earnings and can thus dilute the effect of earnings taxation - ie, you pay less as a percentage. Also, tax-exempt earnings reduce your effective tax rate.

[cinnabar8521]

I pay about 20% for fed, state and local taxes, not including property taxes, being a single father and owning a home helps with the tax man, but I did have pay $9000 in daycare so I could go to work last year.

[eleven11]

To Damn much no matter what the rate is.................11

[Bob Smith]

0% for me. Deductions, allowances, and such for self employed people is quite nice. Gotta love those mileage deductions!

[Hogg]

You still get tapped for the full 15.3% of fica and medicare plus a 5% self-employment tax....right? I could have sworn that self-employed had to pick up both the employer and employee portions of fica/medicare which is 7.65% each side.

Originally Posted by Bob Smith

0% for me. Deductions, allowances, and such for self employed people is quite nice. Gotta love those mileage deductions!

[hardcore210]

Exactly, HOGG! That nailed me in the ass last year. The only way around it is to operate at a loss if you're single and no dependents. What's the point in being in business if you can't make a profit? Sure, you could estimate your tax hit ahead of time, then just offset it by dumping $$ into a Owner-only 401(k). But, who has that kind of $$ sitting around, especially when working on commission? Maybe I was missing the boat, but I worked my income as low as I possibly could w/every allowable (& some not so allowable) deduction I could come up w/, then took a $5,000 tax raping! At 24 yrs. old, that's fucking discouraging! It's good to be back in school and not dealing w/that anymore!

[Bob Smith]

No, not if you have enough deductions.

[Rod]

Originally Posted by Hogg

You still get tapped for the full 15.3% of fica and medicare plus a 5% self-employment tax....right? I could have sworn that self-employed had to pick up both the employer and employee portions of fica/medicare which is 7.65% each side.

Yes, you do get tapped for the employers and employees side of FICA and Medicare, which adds up to 15.3%. Hogg where does the 5% self-employment tax come from?

[DrMCM]

It comes out to about 34% figuring everything and self-employed. No state income tax, but, big property taxes in Texas. Also, state sales tax. I try not to think about the totals I pay in taxes and INSURANCE.

[Rod]

Originally Posted by Bob Smith

No, not if you have enough deductions.

Care to elaborate?

[Bob Smith]

No. lol

[Bob Smith]

car registration, gas tax, telephone taxes....