Posted by Tom in TN on April 17, 2011 at 05:21:42 from (75.201.67.83):
Tomorrow is the deadline for filing personal income tax with the Federal government.
So, what is your effective tax rate for this year's taxes? By effective tax rate, I don't mean how much do you have to pay when you file your return or how much of a refund are you going to get back.
Effective tax rate means, what was your total income from wages, pensions, dividends, interest, self-employment, etc. How much did you make last year?
Then, how much did you actually pay for your income tax? Not how much are you sending in with your return, but how much was withheld, plus how much did you send the government in quarterly payments, plus how much are you sending in with your return? What's the total amount of your Federal Income Tax for this year?
Now, divide the total amount of income tax you paid by the total amount of money you earned, and you have your effective tax rate.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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