General Discussion

oldhippie

(3,249 posts)

37. I guess that was a point I was trying to make ......

Tue Feb 26, 2013, 08:14 PM

Feb 2013

We all talk about taxes and tax rates without using a common basis. Some include FICA and Medicare, some include deferred income, some don't. I don't include FICA because I don't pay it anymore (well, except for a few days of consulting last year.) Each of us has our own situation with a lot of variables. That's why I tried to standardize this OP on just Federal Income Tax effective rate, which is, as you said, Tax (line 61) ÷ Adjusted Gross Income (line 37) or sometimes Taxable Income (line 43). I am trying to pin down just one term. As you can see, it's pretty hard.

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I just finished my Federal taxes for 2012 ..... [View all] oldhippie Feb 2013 OP

Funny you should ask. Your pension must be better than mine. trof Feb 2013 #1

Yes, I am very happy with my pension .... oldhippie Feb 2013 #3

PBGC took over my pension when TWA folded. trof Feb 2013 #46

Yup. Bummer is right ...... oldhippie Feb 2013 #49

Well your pension must be extremely generous or you've done something marybourg Feb 2013 #2

Yes, I will admit to being happy with my pension ..... oldhippie Feb 2013 #5

Standard deduction, no credits. No carryover cap losses. marybourg Feb 2013 #9

Yes, turbotax does that oldhippie Feb 2013 #10

DINK (dual income, no kids) NMDemDist2 Feb 2013 #4

have you added your FICA and state taxes ... please do ...as the rich pay a very small portion srican69 Feb 2013 #6

No state taxes here in Texas, and for FICA .... oldhippie Feb 2013 #7

I work on a 1099 - so I pay 15% FICA straight off the bat and income taxes on top of that ... srican69 Feb 2013 #8

you should be able to deduct half of that hfojvt Feb 2013 #15

I used TaxACT for the first time since we can no longer afford to pay our CPA... OldDem2012 Feb 2013 #11

I only used a CPA twice, and fired him ...... oldhippie Feb 2013 #12

Post removed Post removed Feb 2013 #13

Why would you say that? oldhippie Feb 2013 #14

Because one way or another, the IRS is going to bend you over. Gorp Feb 2013 #17

A Jury Didn't Think It was Cool HangOnKids Feb 2013 #19

What? Why on earth was that post hidden? oldhippie Feb 2013 #20

I Just Commented On The Hidden Thread HangOnKids Feb 2013 #25

I know why. Alerter must be a Ron Obvious Award winner. valerief Feb 2013 #27

You're Paying Slightly More (Percentage-wise) than Mitt Romney Yavin4 Feb 2013 #16

you make over $100,000 a year for not working hfojvt Feb 2013 #18

It's more of a case of him having benefited from union membership ellisonz Feb 2013 #21

I was a member of the AFGE .... oldhippie Feb 2013 #24

Maybe it's because I already spent 40 years working in a .... oldhippie Feb 2013 #22

Don't worry - anybody using financial data on DU who is not homeless will inevitably be called rich dmallind Feb 2013 #26

if you are in the top 20% you are in the top 20% hfojvt Feb 2013 #43

I am not asking you to feel bad hfojvt Feb 2013 #39

OK. Thank you for your comments ...... oldhippie Feb 2013 #45

It is not for "not" working. Drahthaardogs Feb 2013 #33

is a labor Democrat supposed to be applauding the rich? hfojvt Feb 2013 #47

Why don't you join a union? Drahthaardogs Feb 2013 #51

then why doesn't everybody just join a union? hfojvt Feb 2013 #53

So your pension is good, but his Drahthaardogs Feb 2013 #54

I work for the government hfojvt Feb 2013 #55

Your story has inconsistencies. Drahthaardogs Feb 2013 #58

you make a lot of assumptions hfojvt Feb 2013 #60

crips, $100,000 a year RILib Feb 2013 #57

I plan to use TaxActOnline which I used last year. ananda Feb 2013 #23

Does anyone know if I should still file joint although my spouse passed in March 2012?.. Little Star Feb 2013 #28

I'm really sorry for your loss A Little Weird Feb 2013 #36

Thank You. I'll look at that link so thanks for that also. Little Star Feb 2013 #41

You might want to call up the IRS and ask them. truedelphi Feb 2013 #52

I looked at your link and found.... Little Star Mar 2013 #61

I haven't had to deal with that yet ..... oldhippie Feb 2013 #38

Thank You and I too hope you have a very long time before you ever have to deal with this. Little Star Feb 2013 #42

My pension is $4310.00 gross a month bigdarryl Feb 2013 #29

Do you usually get a small refund ... oldhippie Feb 2013 #40

Rejoice if you get to pay taxes! peace13 Feb 2013 #30

That's what my dad always said ..... oldhippie Feb 2013 #31

Say what? FreeJoe Feb 2013 #32

Deductions and exemptions are on the back of .... oldhippie Feb 2013 #35

Rates FreeJoe Feb 2013 #34

I guess that was a point I was trying to make ...... oldhippie Feb 2013 #37

15%? Mitt Romney pays 13.9%. JaneyVee Feb 2013 #44

I used TurboTax as well. Here are my numbers: W_HAMILTON Feb 2013 #48

Thanks oldhippie Feb 2013 #50

My numbers in your format FreeJoe Feb 2013 #56

Thank you for those numbers, and your comments .... oldhippie Feb 2013 #59