I want to know how much in total tax we pay yearly.
Federal tax
Social security*
State tax
City tax
Sales tax
Property tax
Anything else I should add? I just want a typical calculation. I don’t want to deal with investment stuff.
Posted by mkmrproper
3 Comments
Do you own a calculator?
You will need the tax rates.
Federal Income Tax: You will need to know your income bracket
FICA (SS & Medicare): 6.2%, double if self employed
State/City tax: percentage based on income
Property tax: millage based taxable value of property
Gas tax: based gallons of fuel purchased
Vice taxes: based on alcohol and tobacco consumption
Customs/Duties: usually paid indirectly by you
The list can go on
It may depend on the state but don’t forget about personal property taxes or any excise taxes you have to pay. Indiana has excise tax on vehicles.
Do you pay use tax on out of state purchases?