View Poll Results: How did you come out for the 2013 tax year?

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  • Overall I paid in more than 50% in taxes.

    2 6.90%
  • Overall I paid in more than 20% but less than 50%.

    13 44.83%
  • Overall I paid less than 20% but more than 10%.

    4 13.79%
  • Overall I paid less than 10% but more than 5%

    2 6.90%
  • Overall I paid less than 5% but more than 0%

    1 3.45%
  • Overal I didn't pay any taxes.

    7 24.14%
  • I am just guessing. I didn't calculate it. I could be lying.

    1 3.45%
  • I calculated it my answer. My answer is true.

    3 10.34%
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Thread: April 15th is over. How did you come out for the 2013 tax year?

  1. #1
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    April 15th is over. How did you come out for the 2013 tax year?

    Wait a minute for the poll.

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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Unknown. Ask again on Oct 15th.

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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Here is my personal situation:

    Income from all sources = $33,016.66
    Federal Income tax, Social Security taxes and Medicare taxes = $3,018.66
    Federal Refund = $5,116.00
    North Carolina Income tax = $1,133.16
    North Carolina refund = $456.00

    My federal taxes were at an effective rate of -6.35%
    My state taxes were at an effective rate of 2.05%
    My overall effective tax rate was -4.30%

    I voted for the 6th and the 8th option.

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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Income increased slightly last year resulting in an increase in my tax burden. Funny though I don't feel like I am getting more for my money.

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    Re: April 15th is over. How did you come out for the 2013 tax year?

    For my wife and I put together, our federal tax rate was ~10%, State tax rate was ~4%, and medicare/medicaid taxes are 7.65%. So about 21.5% total.
    If you build a man a fire, he'll be warm for a day.

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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by vasuderatorrent View Post
    Here is my personal situation:

    Income from all sources = $33,016.66
    Federal Income tax, Social Security taxes and Medicare taxes = $3,018.66
    Federal Refund = $5,116.00
    North Carolina Income tax = $1,133.16
    North Carolina refund = $456.00

    My federal taxes were at an effective rate of -6.35%
    My state taxes were at an effective rate of 2.05%
    My overall effective tax rate was -4.30%

    I voted for the 6th and the 8th option.
    You really should fix your withholding. If part of that refund is EIC you're having too much withheld. If you're not getting any refundable credits then your withholding is way, way, WAY too high. Why, if you're making $30-35k/yr, would you possibly let the government hold on to 15% of your income interest free? If you could make the whole year without that money then put it into an IRA or something where it's going to benefit you.

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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by molten_dragon View Post
    For my wife and I put together, our federal tax rate was ~10%, State tax rate was ~4%, and medicare/medicaid taxes are 7.65%. So about 21.5% total.
    But the first portion of your income is not taxed. The standard deduction for 2013 was $12,200 and an additional deduction of $3,900 per person in your household.

    If your income was around 75,000 and you have 2 kids that 10% comes out to be 6.29%.

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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lutherf View Post
    You really should fix your withholding. If part of that refund is EIC you're having too much withheld. If you're not getting any refundable credits then your withholding is way, way, WAY too high. Why, if you're making $30-35k/yr, would you possibly let the government hold on to 15% of your income interest free? If you could make the whole year without that money then put it into an IRA or something where it's going to benefit you.
    I have done that but I can only reduce my FITW to $0.00. Social Security and Medicare cannot be reduced. The federal government will still take out 7.65% no matter what your tax situation is.

    There is a way to get Advanced Earned Income Credit. I have done that before but I worked at a bigger company. The company I work for is very small and probably 9 out of 10 of them are eligible for Advanced Earned Income Credit. They probably wouldn't be comfortable doing it.

    If you notice that in the scenario I combined Federal Income Tax, Social Security Tax and Medicare tax all as one tax since in reality that is what it is. I have done payroll before. The company writes one check for all 5 of these taxes.

    1. Federal Income Tax
    2. Social Security (employee portion)
    3. Social Security (employer portion)
    4. Medicare (employee portion)
    5. Medicare (employer portion)

    All five of these are added up together and sent to the Federal government in one lump sum for all five of these taxes.

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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by vasuderatorrent View Post
    But the first portion of your income is not taxed. The standard deduction for 2013 was $12,200 and an additional deduction of $3,900 per person in your household.

    If your income was around 75,000 and you have 2 kids that 10% comes out to be 6.29%.
    The 10% is the actual rate at which we were taxed, not our tax bracket.
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    Re: April 15th is over. How did you come out for the 2013 tax year?

    Quote Originally Posted by Lutherf View Post
    You really should fix your withholding. If part of that refund is EIC you're having too much withheld.
    You are right about $774. $735.79 of that was held against my will. The income was not from a job and the taxes were held up front no matter what I thought about the situation.

    Without signing up for Advanced Earned Income Credit I really only had $38.21 too much withheld.

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