3/22 So I just paid my taxes and for kicks I went ahead and calculated
what my overall tax burden is, including all Federal income and payroll
taxes and my state taxes and it is 35.6%. Anyone else care to share?
\_ On what gross income? And did you include your property tax and
sales tax?
\_ I am not going to post my gross income on the motd but it is high
enought that I am subject to AMT. But my taxe rate on my take home
enought that I am subject to AMT. But my tax rate on my take home
pay is 35.6%. I am not including other taxes, but if I did, it is
a few percent higher. Why don't you post your gross income on
the motd?
\_ It's still with the CPA. I started an LLC this year, so I'm
not actually sure what it is.
\_ Okay, I did a bit of math and our property tax rate is
3.5% of AGI and our sales tax rate is less than 3%, but
I am not exactly sure how much less, since I don't track
spending that well. I did subtract all the things that I
know I don't pay sales tax on and if the rest is taxed
at 8%, that gives me a 3% overall sales tax.
\_ So you don't buy that much stuff? Most of your
spending is untaxed items?
\_ After taxes, mortgage, savings and childcare,
there isn't that much left really.
\_ Sorry, what kind of property tax is based on income?
I thought it was based on assessed value of the prop.
Or, if you are quoting as a percentage of your AGI for
comparison: that is totally under yer control, based
on the cost of your house and where you live.
Err, just wanted to point that out. |