It’s Tax Day
In honor of Tax Day, I’ll share my total tax rate for 2011, and a breakdown of my taxes. Overall, I paid an overall rate of 18% tax on my total income. My tax bill breaks down to the following:
My overall tax rate is fairly low, and I think the main reason is that I worked full time for only half of the year, thus a low annual income. I worked a little bit when I was still in school, but more more than 12 hours a week.
I ended up getting a federal refund for $112, but I owed the state $171, so overall I had to write an extra check to pay my taxes. I know that owing a net balance of -$59 is not big deal, but psychologically it’s painful to write a check to the government, especially when they already take out money throughout the year.
How much did you pay in taxes in 2011? Did you get a refund, or did you have to write a check to the IRS?