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The Water Cooler
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How much was your actual tax bill in 2011?
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<blockquote data-quote="dru" data-source="post: 1772562" data-attributes="member: 3047"><p>When I chose my answer, I included all payroll taxes. If it was a tax that came directly off my check then I included it although I did subtract off my overpayment from that amount. if you really wan't to make your blood boil, don't tell yourself that you only pay 6.2% (4.2% this year) in social security taxes, but that you pay 12.4% (10.4% this year) in social security taxes since your employer also pays a 6.2% tax on your wages and it is generally accepted by economists that were businesses not paying that tax, they would be paying it to you. Same story for medicare 1.45% each = 2.9% total. </p><p></p><p>So even if you are in the 10% federal income bracket, by the time you are done with federal income and payroll taxes alone and assuming you have wages (not royalties, or interest, etc.) you are paying around 25% of your in the form of taxes. and we haven't even gotten to the state's taxes yet! <img src="/images/smilies/smile.png" class="smilie" loading="lazy" alt=":)" title="Smile :)" data-shortname=":)" /></p></blockquote><p></p>
[QUOTE="dru, post: 1772562, member: 3047"] When I chose my answer, I included all payroll taxes. If it was a tax that came directly off my check then I included it although I did subtract off my overpayment from that amount. if you really wan't to make your blood boil, don't tell yourself that you only pay 6.2% (4.2% this year) in social security taxes, but that you pay 12.4% (10.4% this year) in social security taxes since your employer also pays a 6.2% tax on your wages and it is generally accepted by economists that were businesses not paying that tax, they would be paying it to you. Same story for medicare 1.45% each = 2.9% total. So even if you are in the 10% federal income bracket, by the time you are done with federal income and payroll taxes alone and assuming you have wages (not royalties, or interest, etc.) you are paying around 25% of your in the form of taxes. and we haven't even gotten to the state's taxes yet! :) [/QUOTE]
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How much was your actual tax bill in 2011?
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