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Offline CG6468

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Tax Bracket
« on: April 14, 2012, 09:09:29 AM »
What tax bracket did you end up in this year? Ours was 15%.
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Offline rich_t

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Re: Tax Bracket
« Reply #1 on: April 14, 2012, 10:05:50 AM »
Ours was 25%
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Offline marv

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Re: Tax Bracket
« Reply #2 on: April 14, 2012, 10:25:19 AM »
0%.
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Offline BlueStateSaint

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Re: Tax Bracket
« Reply #3 on: April 14, 2012, 04:06:58 PM »
Not sure, but I'm thinking it was 15%.
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Offline Evil_Conservative

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Re: Tax Bracket
« Reply #4 on: April 14, 2012, 04:11:20 PM »
I don't know... how do I find out?  We make less than $100k a year.
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Offline rich_t

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Re: Tax Bracket
« Reply #5 on: April 14, 2012, 04:14:25 PM »
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Offline BlueStateSaint

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Re: Tax Bracket
« Reply #6 on: April 14, 2012, 04:19:49 PM »
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"All you have to do is look straight and see the road, and when you see it, don't sit looking at it - walk!" -Ayn Rand
 
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Offline Evil_Conservative

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Re: Tax Bracket
« Reply #7 on: April 14, 2012, 04:29:27 PM »
Okay... we were in the 25% bracket then.
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Offline rich_t

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Re: Tax Bracket
« Reply #8 on: April 14, 2012, 04:32:10 PM »
Quote from: BlueStateSaint on April 14, 2012, 04:19:49 PM
Based on that, we made it into the 25% bracket.

Don't ya just love having the government take 3 entire months worth of salary out of your income?

I'm telling ya, if people had to write out that check each month instead of having it taken out of your paycheck, we would see a tax revolt that would make the Boston Tea party look like a girl scout meeting.

Especially since that tax bracket doesn't even include what is withheld for SS and medicare.

Nor does it include state and local income taxes that some of us pay.
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Offline NHSparky

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Re: Tax Bracket
« Reply #9 on: April 14, 2012, 06:45:22 PM »
28 percent.
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Offline obumazombie

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Re: Tax Bracket
« Reply #10 on: April 14, 2012, 10:39:53 PM »
Quote from: NHSparky on April 14, 2012, 06:45:22 PM
28 percent.
I'm in your neighborhood.
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Offline BEG

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Re: Tax Bracket
« Reply #11 on: April 14, 2012, 10:47:14 PM »
Quote from: Evil_Conservative on April 14, 2012, 04:29:27 PM
Okay... we were in the 25% bracket then.

Jess, the percentage is based on adjusted gross income. After deductions.
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Offline DumbAss Tanker

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Re: Tax Bracket
« Reply #12 on: April 15, 2012, 10:21:06 AM »
Never worry about it actually, the delta between a 25% rate and a 28% rate wouldn't change any decisions I made this past year, or will make next year.
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Offline Evil_Conservative

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Re: Tax Bracket
« Reply #13 on: April 15, 2012, 11:51:03 AM »
Quote from: BEG on April 14, 2012, 10:47:14 PM
Jess, the percentage is based on adjusted gross income. After deductions.


Gotcha.  That puts us in the 15% then, but after this year, we will probably be in the 25% bracket.  But maybe we will get "lucky" and can stay in the 15% if we can still write off interest on the house.  :rotf:
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Offline rich_t

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Re: Tax Bracket
« Reply #14 on: April 15, 2012, 03:58:35 PM »
Quote from: BEG on April 14, 2012, 10:47:14 PM
Jess, the percentage is based on adjusted gross income. After deductions.


Wouldn't that be on taxable income (line 43 of 1040) vs. AGI (line 37 of 1040)?

AGI is before deductions.

I am under the impression that the tax bracket is based on Taxable income and not AGI.

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Offline BEG

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Re: Tax Bracket
« Reply #15 on: April 15, 2012, 04:48:22 PM »
Quote from: rich_t on April 15, 2012, 03:58:35 PM
Wouldn't that be on taxable income (line 43 of 1040) vs. AGI (line 37 of 1040)?

AGI is before deductions.

I am under the impression that the tax bracket is based on Taxable income and not AGI.



Like I said...
Quote
Jess, the percentage is based on adjusted gross income. After deductions.

I should put a "," instead of a ".".
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Offline rich_t

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Re: Tax Bracket
« Reply #16 on: April 15, 2012, 05:50:41 PM »
Quote from: BEG on April 15, 2012, 04:48:22 PM
Like I said...
I should put a "," instead of a ".".


I'm not trying to be argumentative.

AGI comes before deductions on form 1040.  My taxable income is less than my AGI.  I remain under the impression that the tax brackets are based on taxable income.

Perhaps you and I are talking about different things. Or I am completely misreading what you are saying.

I'm in the 25% bracket either way.
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Offline Zeus

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Re: Tax Bracket
« Reply #17 on: April 15, 2012, 07:34:21 PM »
For United States individual income tax, adjusted gross income (AGI) is total gross income minus specific reductions. Taxable income is adjusted gross income less allowances for personal exemptions and itemized deductions. For most individual tax purposes, AGI is more relevant than gross income.

Filing Form 1040 with schedules B , C , E , F and accompanying worksheets puts my actual Tax basis at about 11 or 12 %.

Years back I could Fold my tax returns and put them in a business envelope in a file cabinet now I need a box(s). I could also do my own returns now an army of bean counters do them.

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Offline RightCoast

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Re: Tax Bracket
« Reply #18 on: April 15, 2012, 07:47:41 PM »
25%
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Offline Ogre

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Re: Tax Bracket
« Reply #19 on: April 15, 2012, 08:27:18 PM »
28%, I wouldn't *&$#@% mind it if it was spent responsibly.

Sometimes I think a homeless drug addict would be more fiscally responsible than the politicians. :hammer:
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Offline docstew

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Re: Tax Bracket
« Reply #20 on: April 15, 2012, 10:26:30 PM »
Quote from: rich_t on April 14, 2012, 04:32:10 PM
Don't ya just love having the government take 3 entire months worth of salary out of your income?

I'm telling ya, if people had to write out that check each month instead of having it taken out of your paycheck, we would see a tax revolt that would make the Boston Tea party look like a girl scout meeting.

Especially since that tax bracket doesn't even include what is withheld for SS and medicare.

Nor does it include state and local income taxes that some of us pay.

That's one of the changes I'd make to the tax code:
1) No withholding, you have to write a check to pay
2) Tax day is the first Monday in November (IOW the day before election day. Gotta make sure the taxpayers are nice and angry about writing that big check the day before)
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Offline CG6468

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Re: Tax Bracket
« Reply #21 on: April 16, 2012, 09:28:12 AM »
Quote from: docstew on April 15, 2012, 10:26:30 PM
That's one of the changes I'd make to the tax code:
1) No withholding, you have to write a check to pay
2) Tax day is the first Monday in November (IOW the day before election day. Gotta make sure the taxpayers are nice and angry about writing that big check the day before)

Absolutely!!!!!!!!
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Offline obumazombie

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Re: Tax Bracket
« Reply #22 on: April 16, 2012, 09:53:22 AM »
Quote from: docstew on April 15, 2012, 10:26:30 PM
That's one of the changes I'd make to the tax code:
1) No withholding, you have to write a check to pay
2) Tax day is the first Monday in November (IOW the day before election day. Gotta make sure the taxpayers are nice and angry about writing that big check the day before)
Self employed already do something very similar, but aside from that, great idea.
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Offline BEG

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Re: Tax Bracket
« Reply #23 on: April 16, 2012, 10:15:26 AM »
Quote from: rich_t on April 15, 2012, 05:50:41 PM
I'm not trying to be argumentative.

AGI comes before deductions on form 1040.  My taxable income is less than my AGI.  I remain under the impression that the tax brackets are based on taxable income.

Perhaps you and I are talking about different things. Or I am completely misreading what you are saying.

I'm in the 25% bracket either way.

I am saying the same thing you are, just not as artfully.  :wink:
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Offline Gina

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Re: Tax Bracket
« Reply #24 on: April 16, 2012, 10:24:56 AM »
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