Tax Rate 2014

[LivingAlmostLarge]

Do you know your tax rate this year? We haven't done our taxes but I am going to guess it went up a lot.

[Caoineag]

Are you talking final tax bracket or the amount of tax you paid? I believe Taxact told me that my tax paid was a little over 11%. The 11% is about what we have paid every year so that didn't really budge.

My final tax bracket on the other hand jumped from 15% (last year) to 28% this year. That was even with taking major advantage of pre-tax savings.

[bhigh8]

Are you talking final tax bracket or the amount of tax you paid? I believe Taxact told me that my tax paid was a little over 11%. The 11% is about what we have paid every year so that didn't really budge.

My final tax bracket on the other hand jumped from 15% (last year) to 28% this year. That was even with taking major advantage of pre-tax savings.

How did you find out your tax bracket %. And is there a range for each so I can try to stay within a lower one?

[Caoineag]

The tax brackets are posted by the IRS for each year. You can find them on a lot of websites and they do give the ranges. Its also called marginal tax rate. Though my original post was incorrect. I paid 13% tax and my final adjusted taxable income was solidly in the 25% bracket, not 28%. 28% would have been before the deductions and pre-tax savings which did allow me to drop into a lower tax bracket.

[corn18]

Mine will jump from 33% in 2013 to 39.6% for 2014. Plus the extra 0.9% of Medicare tax. And AMT. ANd the new laws that phase out some deductions. Ouch. That's why I need to accumulate wealth, not make more money.

[feh]

Did our taxes this weekend, so I can report, although I'm not sure what percentage the OP was looking for.

fed taxes / AGI: 15.5%
fed taxes / taxable income: 18%

[LivingAlmostLarge]

Federal Taxes/AGI mostly. Although people can also post what bracket they ended in if they want.

I think it's more and exercise that people think they pay a lot in federal taxes but when you really look at it, most of us don't pay our top bracket.

[feh]

Federal Taxes/AGI mostly. Although people can also post what bracket they ended in if they want.

We are usually in the 28% bracket, but edged into 33% last year, due primarily to capital gains (sold lots of stocks when we left our financial advisor).