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I use TurboTax to do my taxes and I am wondering If I am paying too much taxes or too little... I know taxes depends on individual circumstances and not just on the AGI. My AGI was $122000 and I paid about $13000 federal taxes.. Most of my income is from my salary and some from selling stocks from my ESP. Is this in the ball park where it should be? Thanks in advance.
There's a small problem with your post, you've given us your AGI, but your taxes are paid on your TAXABLE INCOME. But, if you're married, filing jointly, it sounds right.
I usually make about that amount, but I have no deductions so I take the standard deduction, about $11,000 now I think, and I end up with a total tax bill around 12 or 13K.
Congratulations on the nice income.
BTW, the tax tables are found on irs.gov. Print up your return on turbo tax and then compare the numbers on it with those on the irs website.
Our Gross Income this past year was a hair above half of your AGI.
Our AGI was $5k, our taxable income is 0.
We try to keep our AGI at 0 as well. During my working career we were usually able to keep our AGI at or nearer to 0. But I find that in my retirement it is not as easy as it was during my career.
I like to see ~ 10% - 12% Effective Tax Rate, (tax/AGI) and I itemize, (for the time being)
You will only 'dream' of this low rate in a few years, sorry to say.
So much for the "onerous, confiscatory" tax rates that the right wing is always yelling about! Our effective rate is usually in the 10-12% range and we usually have an AGI in the $120K range too. The nice thing is that I don't pay SS/Fica on harldy any of mine!
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Originally Posted by golfgod
So much for the "onerous, confiscatory" tax rates that the right wing is always yelling about! ...
I assume you are not a business owner, and paying unemployment, workman's comp, SSI for employees, B&O, Personal property tax, users tax,.... Tax Life is generally pretty cushy for non-job creators. But, for those who MUST live and try to keep business viable, Tax Life is very burdensome; under the rules of the majority of voters and the knee jerk political bent....(often just 'employees' and even worse; 'gov employees & renters').
There are lots of improvements that could better equalize the tax burden, but the fear is that the pressure on employers, farmers, / economy builders will crush employment growth (very likely, as there is little incentive when you can 'sub-contract' to a foreign entity). When the jobs flee, and the majority of value added manufacturing, there is little left to sustain the tax needs of USA. (all those gov employees and "INFRASTRUCTURE" (ha) )
Ours was around 25% last year and we made well under 100K, so yeah, it is onerous and confiscatory. maybe if we made big bucks and had huge deductions, but nope.
Well, last year I had no investments out of my Roth IRA and 401K which I max out every year, I also max out my HSA, and I rent so no mortgage interest tax deduction for me. The only tax deductible thing I do is education related to work that was like 7K for 2007 and will be around 9K for 2008, and I wasn't able to contribute to my Roth IRA in 2008 since I'm now earning right above the limit.
Oh, I just got married last year and I don't have kids yet so for 2007 I filed as single.
I have 70K in a money market that is what I've been saving for a house down payment, hopefully buying at the end of this year if the market stabilizes a little, but that doesn't have any tax shelter.
So I'm looking to pay even more taxes this year.
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