Monday, April 14, 2008

2007 Effective Tax Rate

Now that my taxes have been done and filed for a couple of weeks, I've taken the lead from a Fatwallet thread and calculated my household's (very simple) effective tax rate for 2007. It looked like so:

Effective Tax Rate

Ours is a three-person (one child; single income) household, by the way.

I'm not including use tax in there, or property taxes. Social Security taxes paid at my Day Job are not included. Self-employment taxes on my website income are included.

Any readers feel like sharing their effective tax rates?


— Posted by Michael @ 9:47 AM


Ours was 18.3%.

Ergo, we hate taxes.

Anonymous Anonymous
, at 4:05 PM, April 14, 2008  

HHI of $104.3K, Federal was $16.6K, DC was $6.6. 22.2%

Anonymous Anonymous
, at 5:37 PM, April 14, 2008  

NYC resident (triple whammy), single, no dependents

Gross (wages and interest): $87777.63
AGI: $70143
Federal: $11562
State/local: $5720
Total income taxes: $17282

20% of gross, 25% of AGI.

It was a little different in 2006, though, since I had a home (and mortgage).

Gross (wages and interest): $78338.95
AGI: $60570
Federal: $7876
State/local: $3165
Total income taxes: $11041

14% of gross, 18% of AGI.

If you factored in the property taxes, the difference wouldn't be quite so dramatic.

Anonymous Anonymous
, at 6:57 PM, April 14, 2008  
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