What was your Effective Tax Rate?

Daniel

#hackingtheplane(t)
Can people who are posting their effective rate post their (based on total gross income) highest marginal tax bracket (both federal and state)? Would be useful to know if those people who have a < 5% effective rate started at 12% or say, 40%.
 

Matt

Administrator
Staff member
Can people who are posting their effective rate post their (based on total gross income) highest marginal tax bracket (both federal and state)? Would be useful to know if those people who have a < 5% effective rate started at 12% or say, 40%.
Great question! Hard to answer for me because I have a C corp and S corp. Both of these divert wealth before it hits salary. In terms of salary, my wife earns 40-50k and I paid myself about $5k fica wage last year. My SSI will be hit by it but I can handle that.

It gets a bit complicated though.. I paid myself low to bump it up with the Roth rollover, so our start was a fair bit higher. From there, we reduced it down with credits and deductions.
 

Sunny

Level 2 Member
Is it possible for W2 earners at higher marginal rates to get to these rock bottom effective tax rates?
 

Beltway Explorers

Level 2 Member
This is from our 2013 filing. Our tax bracket was 28%, but the effective tax rate was 13.86%. I thought we were doing pretty well, but I know there's always more to learn!
 
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