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Old 02-28-2019, 12:50 PM   #1
 
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Default What was your effective federal tax rate for 2018

What percent of your gross income went to federal tax after you received your refund

My effective tax rate was 5.5% wife doesn’t work and I have 2 kids I took the standard deduction
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Old 02-28-2019, 12:54 PM   #2
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Gross, not adjusted gross, correct?
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Old 02-28-2019, 12:59 PM   #3
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well, your refund is what you over paid on your taxes, so not quite sure how you want us to figure that out.
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Old 02-28-2019, 01:07 PM   #4
 
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Gross, not adjusted gross, correct?
Yes
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Old 02-28-2019, 01:10 PM   #5
 
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well, your refund is what you over paid on your taxes, so not quite sure how you want us to figure that out.
Take your federal tax amount subtract your return

Say you paid 10k your return was 5k and your gross income was 100k

Your effective tax rate is 5%
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Old 02-28-2019, 01:12 PM   #6
 
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9.8% for 2018

Wife doesn't work, 4 kids, standard deduction.
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Old 02-28-2019, 01:14 PM   #7
 
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well, your refund is what you over paid on your taxes, so not quite sure how you want us to figure that out.
In order to calculate your refund, you'd have to already have calculated your overall tax liability. Just take your overall tax liability and divide by your gross income.
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Old 02-28-2019, 01:33 PM   #8
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10.1 single no kids
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Old 02-28-2019, 01:36 PM   #9
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11.7% - DINK household, standard deduction 24k

Big yikes
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Old 02-28-2019, 01:39 PM   #10
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I’m confused, this is different than tax bracket correct?
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Old 02-28-2019, 01:43 PM   #11
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I’m confused, this is different than tax bracket correct?
If im understanding this right just take your overall tax liability/payments total and divide it by your w-2 wages/income total?
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Old 02-28-2019, 01:45 PM   #12
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Old 02-28-2019, 01:54 PM   #13
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If im understanding this right just take your overall tax liability/payments total and divide it by your w-2 wages/income total?
I thought it was

Taxes paid - return, then ÷ gross income
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Old 02-28-2019, 01:56 PM   #14
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I thought it was

Taxes paid - return, then ÷ gross income
That's the same thing.
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Old 02-28-2019, 02:05 PM   #15
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Taxes paid, - return ÷ gross = -0.0357
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Old 02-28-2019, 02:09 PM   #16
 
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Nice
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Old 03-01-2019, 07:52 AM   #17
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Taxes paid, - return ÷ gross = -0.0357
You should see mine.
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Old 03-01-2019, 08:22 AM   #18
 
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Taxes paid, - return ÷ gross = -0.0357
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You should see mine.
So how are you guys getting to negative? Finding enough deductions to wash away all your income and then taking tax credits?

Friggen awesome by the way!
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Old 03-01-2019, 08:35 AM   #19
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So how are you guys getting to negative? Finding enough deductions to wash away all your income and then taking tax credits?

Friggen awesome by the way!
I wouldn't have negative if it wasn't for closing my wife's company down last year. She has a loss on the books which carries over to her return through the k1. That effectively put our taxable income extremely low, then all the deductions and credits.

But it comes at a price.... Our return has a higher degree of being flagged for audit or review. According to Turbotax, our ETR is -22.5% if I recall correctly. So this is basically a one time thing since we're no longer using her company.
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Old 03-01-2019, 08:36 AM   #20
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14.1% lol
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Old 03-01-2019, 08:59 AM   #21
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So how are you guys getting to negative? Finding enough deductions to wash away all your income and then taking tax credits?

Friggen awesome by the way!
"low income" plus 3 kids = profit. wifes "business / job" 1099 was sub 8k income. and im sub 60k. and add in business deductions. turbo tax walked her through it i glanced it over. all looked good. submitted and approved.
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Old 03-01-2019, 09:08 AM   #22
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15.2% in 2017. Looks like 2018 is shaping up to be about 14.5% despite us making much more than we did in 2017. Reason being is the new standard deduction is significantly higher than what we itemized last year and we get a $2k credit for having a kid

This is really sickening to review how much we pay in taxes
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Old 03-01-2019, 09:11 AM   #23
 
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This is really sickening to review how much we pay in taxes

I dont want to do mine cause itll just piss me off.
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Old 03-01-2019, 09:20 AM   #24
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15.2% in 2017. Looks like 2018 is shaping up to be about 14.5% despite us making much more than we did in 2017. Reason being is the new standard deduction is significantly higher than what we itemized last year and we get a $2k credit for having a kid

This is really sickening to review how much we pay in taxes


Playing the victim is easy
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Old 03-01-2019, 09:25 AM   #25
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Playing the victim is easy
Lol. K
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