Life in Transition

Navigating Personal Finances During Life Transitions

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:

 

Federal 7.20%
State 4.10%
FICA 4.40%
Local 1.80%
Vehicle 0.30%

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?

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One thought on “It’s Tax Day

  1. I calculated that my overall effective income tax rate was 22%! I think that’s pretty low for my income level (in the $110,000 range last year). I got a small refund (< $1,000), which was exactly what I had planned. Next year, my goal is to get an even smaller refund!

    I have no idea what my vehicle tax rate was though – that amount was pretty small and I don't remember where I put the bill.

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