[Cuckoo4Cocoapuffs]

You have your gross income, then the fed/state take a little peice of your pie(money).So when you look at the total amount of income taxes you paid for the year('05) what percentage of your gross income did you end up paying for 2005?
Im suree you'll just dying to know!
All countries welcome even Califorina

To get % take amount owe(5,500) and divide by total income(78,000)
5,500/78,000=0.07051 or 7.06 %.. I think
should be a easier way.

 

[vanessaB76]

Hey Nutsy,
When did they let you out of the mental institution. :b

 

[Tessa]

I not rich but I paid 100%. My finances are dwindling . I did only the federal return cuz I was self employed. Not sure if I had to do state tax.

 

[heavymetal]

They paid me. I got a big refund. :banana

 

[odun]

just because you got a refund doesnt necessarily mean you didnt pay.

i dont understand why people get so excited about a refund. it's your money anyway. im getting back $800 that they stole from my pay check. but they are still keeping their fair share of my hard earned money.

 

[Lonelyguy]

About 7%. I don't have my W-2 handy so I'm just going by memory. I claim myself as a dependent on my taxes so they don't take as much out of my checks. I don't understand how people get such big tax refunds, my federal refund has always been less than $100. I played with some numbers once and discovered that it takes four months of take home pay (after taxes have been removed) to equal the amount of taxes taken from my checks every year. I'm busting *** for the government for four months every year. :fall I don't think its right that anyone should have to pay that much in.

 

[Kelly]

I paid 3.5% of my earnings in taxes last year if I combine the state and the federal. City taxes are a little more complicated. The city of Cincinnati takes out more than the state does and I don't even live there and I don't get any back!

Have a nice day,
Kelly

 

[copper]

My tax bracket is 7% for the Federal. In Michigan we have a flat tax rate of 3.95%. I usually get a refund a little over $200 Federal and a little over $100 for the state. I got more when I had a mortgage, and put money into a traditional IRA.

 

[Desi]

Didn't own any income. :shock :hide
But I didn't do my taxes last year and they owe me money! I want my money! 8) :boogie

 

[Lonelyguy]

I just looked mine up tonight now that I have the figures in front of me. It comes to slightly over 6% so I wasn't too far off. Still too high in my opinion...

 

[raalka]

All I know is we payed a BUTTLOAD thanks to the tax on my Roth conversion. And of course all those taxes triggered the lovely underpayment penalty. Go figure!

 

[heavymetal]

just because you got a refund doesnt necessarily mean you didnt pay.

i dont understand why people get so excited about a refund. it's your money anyway. im getting back $800 that they stole from my pay check. but they are still keeping their fair share of my hard earned money.

Yes, as far as giving the government the right to hold--and invest-- our money and paying social security taxes.

Nevertheless, I get pretty excited when I set exemptions so that nothing is withheld from pay throughout the year and I get a big refund through the earned income credit (some of it advanced to me throughout the year) and the improved (thanks Bush!) child tax credit.