Berkeley CSUA MOTD:Entry 49538
Berkeley CSUA MOTD
 
WIKI | FAQ | Tech FAQ
http://csua.com/feed/
2025/05/25 [General] UID:1000 Activity:popular
5/25    

2008/3/22-23 [Reference/Tax] UID:49538 Activity:very high
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.
2025/05/25 [General] UID:1000 Activity:popular
5/25    

You may also be interested in these entries...
2013/9/2-11/7 [Reference/Tax] UID:54736 Activity:nil
9/2     I'm young, and stupid. Does the IRS want reporting on 401K, IRA,
        Roth 401k/IRA? I am decades from retiring, and no plan to withdraw
        anything. But, I just realized that I haven't reported any of my
        retirement plans to IRS for several years, now wondering if I'm
        in big shit...
        \_ The account custodian (bank/brokerage/mutual fund) reports it to
	...
2012/11/5-12/4 [Politics/Domestic/Election, Reference/Tax] UID:54521 Activity:nil
11/5    "Tax Policy Center in Spotlight for Its Romney Study":
        http://www.csua.org/u/y7m (finance.yahoo.com)
        'A small nonpartisan research center operated by professed "geeks" ...
        found, in short, that Mr. Romney could not keep all of the promises he
        had made on individual tax reform ....  It concluded that Mr. Romney's
        plan, on its face, would cut taxes for rich families and raise them
	...
2012/3/5-26 [Reference/Tax] UID:54327 Activity:nil
3/5     My dad is retired and has no income. My income tax bracket is
        pretty high. If I open up a joint high interest CD account with
        him and the INT-1099 comes, is it possible to file it under him
        100% to take advantage of the lower tax?
        \_ IRS says the interest is allocated according to who allocated
           the assets. Do you think it will generate enough interest to
	...
2012/3/7-26 [Reference/Tax] UID:54331 Activity:nil
3/7     "Michigan woman still collecting food stamps after winning $1 million
        lottery"
        http://www.csua.org/u/vp3 (news.yahoo.com)
        `"I feel that it's OK because I mean, I have no income and I have
        bills to pay," she said. "I have two houses."'
        \_ My first reaction was pretty hostile to her, but then, I
	...
2011/4/17-7/30 [Politics/Domestic/California, Reference/Tax] UID:54087 Activity:nil
4/17    http://news.yahoo.com/s/ap/us_no_taxes
        "The super rich pay a lot less taxes than they did a couple of decades
        ago, and nearly half of U.S. households pay no income taxes at all."
        And people are still complaining about taxes being too high.
        \_ yeah but only 3 out of the 5 people who aren't rich but complain
           are actually counted.
	...