Sunday, February 05, 2012

Taxes and incomes.

Just figured out our taxes for 2011.


This doesn't examine local and state sales taxes, excise taxes, Medicare tax, other payroll taxes, etc.
Remember that I'm a state employee, and I don't pay Social Security withholding for an old age pension, because a similar percentage of my income is withheld and put into a state pension program.

Here is the historical record:

2011: I'm estimating we earned 119% of the median family household income.
2011: Federal income tax was 5.8%
2011: State income tax and property tax combined was 9.3%
2011: Federal and State income and property taxes: 15.2%

2010: We earned 103.9% of the median family household income.
2010: Federal income tax was 1.7%
2010: State income tax and property tax combined was 8.1%
2010: Federal and State income and property taxes: 9.9%

2009: We earned 91.2% of the median family household income.
2009: Federal income tax was 2.7%
2009: State income tax and property tax combined was 8.8%
2009: Federal and State income and property taxes: 11.5%

2008: We earned 84.9% of the median family household income.
2008: Federal income tax was 2.3%
2008: State income tax and property tax combined was 8.9%
2008: Federal and State income and property taxes: 11.2%

2007: We earned 89.2% of the median family household income.
2007: Federal income tax was 2.7%
2007: State income tax and property tax combined was 9.0%
2007: Federal and State income and property taxes: 11.7%

2006: We earned 66.4% of the median family household income.
2006: Federal income tax was 0.0%
2006: State income tax and property tax combined was 9.1%
2006: Federal and State income and property taxes: 9.1%

In 2006 Jeri was self-employed in a business out of our home, and she lost a significant amount of money, and had quite a bit of business investment that wasn't recovered in sales, so our federal taxes were wiped out by those losses.
In 2010 we received a large tax credit for purchasing a new heating/cooling system for our house, using an energy efficiency tax credit.

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