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 - Third Brush Generators - by Chris Pratt. While I love straightening sheet metal, cleaning, and painting old tractors, I use every excuse to avoid working on the on the electrics. I find the whole process sheer mystery. I have picked up and attempted to read every auto and farm electrics book with no improvement in the situation. They all seem to start with a chapter entitled "Theory of Electricity". After a few paragraphs I usually close the book and go back to banging out dents. A good friend and I were recently discussing our tractor electrical systems when he stated "I figure it all comes back to applying Ohms Law". At this point
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