A few times lately, I’ve seen people assert that X% of this board pays less than $Y in federal income tax. I just thought it would be interesting to see what kind of self-reported results we get.
I have no idea how this generally falls out, so I picked some brackets by flipping through a tax table.
Just to be clear, I assume you’re talking about line 60 on the 1040 (“Total Tax”), or the equivalent on 1040A and 1040EZ.
I’ve no idea. Spouse is a CPA and takes care of all such matters. I never ask and she does not tell.
This is the number I used.
I’m assuming that this is what you meant as well, and when I saw this thread, I hoped that this criteria would be made clear in the OP because I suspect you’re going to be shocked by just how many people are going to respond along the lines of “I don’t pay taxes, I get a refund every year.” :smack:
You seem to be topping out pretty low here. Also, are you talking about per family or per income earner? I pay a lot more than 20K per year just for myself for federal income taxes and there is another component that gets paid in my name that brings the total to several times that. It isn’t unusual for upper-middle class families to pay 20k+ in federal income taxes alone and there are lots of us here.
Well, I answered with the current majority, but I’ve established my bona-fide foreign residency, so I can tell you that I’m really looking forward to filing my 2010 taxes and amended 2009 taxes! The “doesn’t apply to me” option won’t apply, but with standard deductions, mortgage, etc., I fully expect to be in that next group.
Of course there’s the issue of the taxes where I’m currently earning income…
I voted with what was withheld, not subtracting the refund.
I can fill out a W4 right now and tell them to withhold 90% of my income, but I’ll get most of it back in April. Total Tax is the only number that should matter.
Seeing as that’s exactly what they want on federal aid programs, that’s what I assumed was meant. If you get a refund, you get to put $0. (It’s in the help section if you don’t believe me.)
I fucked up. I put “0” but meant to put “1-249.”
The categories are rather interesting. FWIW, I’m at 20,000 plus after making my first estimated payment.
I like you, but I don’t like agreeing with you. Stop it.
Okay. I’ll be the first one to post a specific figure: $24176.27.
This was based on an unusually high income in 2009.
I paid over $50,000 in US taxes and don’t even live in the USA. Just being an American results in me having to pay US tax forever (no other industrialized country does this).
Wow, and that’s after your $92,000 non-taxable hunk?
Uh, does your employer provide W2’s to the IRS?
Correct. For the purposes of this poll, your tax is (what was withheld) + (what you owed on top of that) - (what was refunded).
So, if the government witheld $7,000 of my income last year, and I was refunded $500 of that, my total tax would be $6,500.
I didn’t even think that was a possible interpretation.
I stopped at $20k because I’m more concerned about the lower end of the spectrum than the granularity on the high end. When people bring up SDMB demographics in debates, it’s because they think a lot of us have low enough incomes that we pay little to no FIT. I’m just curious to see some “actual” (self-selected) data on that.
Link? I can’t help but think you’re mis-reading that, from what I remember from filling out FAFSA crap. (E.g., it might say that if you get a refund of the *entire *amount witheld, you put $0.)
I honestly do not know. I use an accountant. She receives all the paperwork, does her part, and has me sign in a bunch of places. I realize that I should know, but I do not.
98 responses so far. Contrary to what I’ve seen claimed by some people here, only 10 pay no FIT (listed as 11, but one person misclicked), and only 13 pay less than $500. By far, the category with the most representation is the $20k+, which has 27.
If we factor out the 13 people who responded to say that U.S. taxes don’t apply to them, so far that’s 15.3% who pay less than $500, while 31.8% pay $20k or more.
So the people who selected the bottom option- they pay more than 20k of taxes out of their income? Sure are a lot of upper-middle class people on this site.