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> Taxes, What percentage do you pay?
RedCedar
post Jan 30 2006, 07:00 PM
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I was just doing a calculation to see what percentage of my annual income went toward taxes.

Not just income taxes, but all taxes:

income taxes (state, federal, city/local), medicare/SS taxes, property taxes, gas taxes, sales taxes, car registration taxes, taxes on phone service and utility bills

Since I keep all my information in Quicken I can easily see how much gas I puchased and based on the states gas tax, I can figure how much went to taxes there.

So my question:

What do you think percentage-wise, your income went toward taxes?

And do you think percentage-wise that the rate is higher for a specific class?

I'm still figuring out the percentage and will get back to you.

If you can think of any other taxes, let me know!

This post has been edited by RedCedar: Jan 30 2006, 07:00 PM
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Gray Seal
post Jan 30 2006, 07:08 PM
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There are also those taxes which are hidden but there. Employers pay half of your social security tax. This is a sham. Those taxes are still taken out of your compensation total by your employer. Also include unemployment taxes and employee compensation taxes,
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carlitoswhey
post Jan 30 2006, 07:16 PM
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QUOTE(RedCedar @ Jan 30 2006, 01:00 PM)
If you can think of any other taxes, let me know!

Don't forget local, county, state and federal excise taxes, in case you occasionally partake in a little beer.gif or smoke.gif - something like 1/2 the price of a bottle of liquor is from taxes, whether paid by distillers, distributors or yourself. Probably more for smokes.
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Amlord
post Jan 30 2006, 07:27 PM
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Moved to Casual Conversation.
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Hobbes
post Jan 30 2006, 10:07 PM
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RedCedar,

Congratulations on undertaking a vital, and oft neglected, calculation. I think most people would be rather shocked to calculate exactly how much money they spent each year on taxes, and that if a check had to actually be written for said amount our government would be forced to be far more fiscally responsible.

I would encourage all those responding to this question to do a further calculation...ask yourself what you got for your taxes, and whether or not it was worth it.

For myself, it works out to a little less than I would have imagined just given the tax rates...a little over 20%.

And do you think percentage-wise that the rate is higher for a specific class?

Of course it is...our tax rates specifically enforce this. Almost our entire tax system is based on the concept of progressive taxation, which indicates that people of higher incomes should pay higher rates. However, there is also validity to Jobius' remarks below, where a variety of regressive taxes (gas, liquor, cigaretts, etc.) make the overall tax burden in the US flatter.

Here is a link to the 2006 Federal Tax Rates. The tax tables simply reflect these calculations for various given amounts (I guess a tacit admission that our school system fails miserably in teaching basic mathematics?).

This post has been edited by Hobbes: Jan 31 2006, 04:25 AM
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Just Leave me Al...
post Jan 31 2006, 01:35 AM
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mmm. Good topic. I'm guessing I'm in the 20-30% range.

This post has been edited by Just Leave me Alone!: Jan 31 2006, 01:36 AM
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Jobius
post Jan 31 2006, 04:04 AM
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What do you think percentage-wise, your income went toward taxes?

Quicken only knows about my payroll deductions, but it's showing 27% for 2005. Sales taxes (and gas tax, etc.) would bump it up a bit, but I expect it's still lower than 30%.

And do you think percentage-wise that the rate is higher for a specific class?

Studies I've seen show that the total tax burden is pretty flat in the U.S. Federal income taxes are fairly progressive, but poorer people spend a larger fraction of their income on more heavily taxed things like gasoline. Sorry I don't have a cite on that, but if it's a controversial statement, I'll see what I can dig up.
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Korimyr the Rat
post Jan 31 2006, 06:17 PM
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Pretty low. I'm currently collecting Social Security and I don't make enough to qualify for Federal income tax. Wyoming has no State income tax, and I wouldn't make enough to qualify for it if I did.

There's a few taxes and fees on my phone bill, and since I share a house with others, a part of my rent goes to property tax, utilities and food-- which include some extra taxes.

I don't know. Call it maybe seven or eight percent.

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Carlsen
post Jan 31 2006, 07:08 PM
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What do you think percentage-wise, your income went toward taxes?

Right now around 40-50%, even though I am on unemployment. I recently graduated with a masters degree, but I haven't been able to find a job yet. But since I live in the socialist utopia known as Denmark, I am certainly not complaining. I get enough. biggrin.gif

While studying I had a job where I paid 50% in taxes, but that was about evenend out by the government grants I recieved, so for the last 6 years I have only paid sales tax, which is 25% (luckily beer is still extremely cheap here, so is alchohol). laugh.gif

And do you think percentage-wise that the rate is higher for a specific class?

It certainly is in Denmark. Some pay as much as 59% in taxes when they earn over a specific amount (although they only pay 59% in taxes of their income above the given threshold). Im sure most Americans will be appalled by these rates, but people here on "minimum wage" earn at least $15 an hour (not a government decided rate - all salaries are negotiated between unions and employeers). Thats still $8-9 after taxes, well above the US minimum wage. The low-skill job I had with DHL when I studying paid me on average about $21 an hour, and I don't even have to pay tuition. tongue.gif
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Amlord
post Jan 31 2006, 07:24 PM
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Let's see, looking at my paycheck so far I've paid:

5.07% in federal income tax
5.86% Social Security (let's not forget my employer matches that)
1.37% in Medicare
3.76% Ohio state tax
1.42% local tax
17.47%

Gasoline tax in Ohio is 40.4% of the total. I spend about 4.87% of my pay on gasoline (wow, it's that high!!). That is 1.97% of my income for gasoline tax!!

That puts us at 19.44% plus 5.86% for employer match

25.30% so far and that doesn't include sales tax, property tax, alcohol tax...

mad.gif
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Trouble
post Feb 11 2006, 06:08 PM
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15% federal tax
11% provincial tax

+
7% provincial sales tax on items
7% goods and services tax (federal) on items

And I am in the lowest tax bracket...it gets worse from there.
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Sleeper
post Feb 11 2006, 08:26 PM
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Total from my paycheck is hovering around 24%

Not including sales taxes, car tag taxes, gasoline taxes, or any other usage taxes...
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AgentOrange
post Feb 15 2006, 10:58 PM
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Like Carlsen I live in Denmark

Im employed and currently I pay 49%.
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