What we pay to the government and how every year

[martybegan]

All the talk about how much people pay in taxes at all levels got me thinking about how much I pay myself. I sat down with my 2007 tax return, a bunch of bills, and a little bit of web research and came up with the following.

Gross income $64,831.91

FICA $4,019.58
Medicare $940.06
Fed Taxes paid $8,818.00
State tax $3,174.00
City tax $1,784.00
total pay taxes $18,735.64

Estimated property taxes $850.00
Estimated gas taxes $250.00
Car registration $65.00
Alcohol taxes $187.36
Cell Phone taxes $72.96
Electric Bill fees $94.80
Cable bill fees $73.80
Tolls (commuting) $1,300.00
Sales taxes $800.00
Mass transit $500.00
Travel taxes $92.80

Total other taxes/fees $4,286.72

Total taxes/fees $23,022.36

% Income to the government: 35.4%

For the State and Local: I live in NYC. I rented that year, so i estimated my part of the landords's property taxes based on my share of the rent in a 3 unit building, using NYC property tax assesment. Car registration is the 2 year fee divided by 2. Alcohol taxes is based on about 15 drinks a week, beer only (could be higher for booze). utility/cable based on actual bills (2011 so slightly lower in 2007). Tolls from my daily bridge crossing. Sales taxes based on my remaining funds, minus a food estimate. Mass transit only for weekends/recreation. Travel taxes based on my 2007 trip to New Orleans.

I know these are not just taxes, but fees for service in some cases, but I wanted a basic estimate of how much we give to the government in a year.

 

[Mr. H.]

At least FICA has gone down fro 7.65 to 5.65.

 

[Dr.Drock]

I've heard 40-45% of money earned goes back to government one way or another, so at least you can say you're keeping more than average if your math is right.



Time to celebrate!!! lol

 

[martybegan]

I've heard 40-45% of money earned goes back to government one way or another, so at least you can say you're keeping more than average if your math is right.



Time to celebrate!!! lol

I contribute 10%-12% to my 401k, which lowers my taxable income, plus My medical gets deducted prior to taxes as well. Add those two back in and it would creep towards 40% I would think.

 

[Dr.Drock]

I've heard 40-45% of money earned goes back to government one way or another, so at least you can say you're keeping more than average if your math is right.



Time to celebrate!!! lol

I contribute 10%-12% to my 401k, which lowers my taxable income, plus My medical gets deducted prior to taxes as well. Add those two back in and it would creep towards 40% I would think.

Cancel the party

 

[martybegan]

I've heard 40-45% of money earned goes back to government one way or another, so at least you can say you're keeping more than average if your math is right.



Time to celebrate!!! lol

I contribute 10%-12% to my 401k, which lowers my taxable income, plus My medical gets deducted prior to taxes as well. Add those two back in and it would creep towards 40% I would think.

Cancel the party

Lol, actually I'm under 40 so the current thrashing of my 401k's value is actually a cause to celebrate. each biweekly buy in of shares costs me less when the market is down.

Under 40 Share count is king, value is not.

 

[Dr.Drock]

I contribute 10%-12% to my 401k, which lowers my taxable income, plus My medical gets deducted prior to taxes as well. Add those two back in and it would creep towards 40% I would think.

Cancel the party

Lol, actually I'm under 40 so the current thrashing of my 401k's value is actually a cause to celebrate. each biweekly buy in of shares costs me less when the market is down.

Under 40 Share count is king, value is not.

These types of breakdowns, at least for me, make it amazing that most of us still support one or the other major political party.

 

[martybegan]

Cancel the party

Lol, actually I'm under 40 so the current thrashing of my 401k's value is actually a cause to celebrate. each biweekly buy in of shares costs me less when the market is down.

Under 40 Share count is king, value is not.

These types of breakdowns, at least for me, make it amazing that most of us still support one or the other major political party.

I'm sure I am leaving some things out. Once I get my 2011 return I will do it again with more current data.

Remember this also doesnt include increases in costs due to corporate taxes, fees and everything else that goes into the final price of an item.

 

[Mr Natural]

As long as I can remember, the total tax bite from all sources has been right around 50%.

And yet somehow, I (and most of America) managed to survive and even prosper.

So if you think it's ever going to change because we elect a new set of players from a different team every few years, you are sadly mistaken.

 

[konradv]

All the talk about how much people pay in taxes at all levels got me thinking about how much I pay myself. I sat down with my 2007 tax return, a bunch of bills, and a little bit of web research and came up with the following.

Gross income $64,831.91

FICA $4,019.58
Medicare $940.06
Fed Taxes paid $8,818.00
State tax $3,174.00
City tax $1,784.00
total pay taxes $18,735.64

Estimated property taxes $850.00
Estimated gas taxes $250.00
Car registration $65.00
Alcohol taxes $187.36
Cell Phone taxes $72.96
Electric Bill fees $94.80
Cable bill fees $73.80
Tolls (commuting) $1,300.00
Sales taxes $800.00
Mass transit $500.00
Travel taxes $92.80

Total other taxes/fees $4,286.72

Total taxes/fees $23,022.36

% Income to the government: 35.4%

For the State and Local: I live in NYC. I rented that year, so i estimated my part of the landords's property taxes based on my share of the rent in a 3 unit building, using NYC property tax assesment. Car registration is the 2 year fee divided by 2. Alcohol taxes is based on about 15 drinks a week, beer only (could be higher for booze). utility/cable based on actual bills (2011 so slightly lower in 2007). Tolls from my daily bridge crossing. Sales taxes based on my remaining funds, minus a food estimate. Mass transit only for weekends/recreation. Travel taxes based on my 2007 trip to New Orleans.

I know these are not just taxes, but fees for service in some cases, but I wanted a basic estimate of how much we give to the government in a year.

You paid $500 a year in mass transit taxes? You can't call it a tax, if you're getting a service, especially since most is subsidized. Your $500 probably got you $1,000 in benefits, i.e. the real cost.

 

[martybegan]

All the talk about how much people pay in taxes at all levels got me thinking about how much I pay myself. I sat down with my 2007 tax return, a bunch of bills, and a little bit of web research and came up with the following.

Gross income $64,831.91

FICA $4,019.58
Medicare $940.06
Fed Taxes paid $8,818.00
State tax $3,174.00
City tax $1,784.00
total pay taxes $18,735.64

Estimated property taxes $850.00
Estimated gas taxes $250.00
Car registration $65.00
Alcohol taxes $187.36
Cell Phone taxes $72.96
Electric Bill fees $94.80
Cable bill fees $73.80
Tolls (commuting) $1,300.00
Sales taxes $800.00
Mass transit $500.00
Travel taxes $92.80

Total other taxes/fees $4,286.72

Total taxes/fees $23,022.36

% Income to the government: 35.4%

For the State and Local: I live in NYC. I rented that year, so i estimated my part of the landords's property taxes based on my share of the rent in a 3 unit building, using NYC property tax assesment. Car registration is the 2 year fee divided by 2. Alcohol taxes is based on about 15 drinks a week, beer only (could be higher for booze). utility/cable based on actual bills (2011 so slightly lower in 2007). Tolls from my daily bridge crossing. Sales taxes based on my remaining funds, minus a food estimate. Mass transit only for weekends/recreation. Travel taxes based on my 2007 trip to New Orleans.

I know these are not just taxes, but fees for service in some cases, but I wanted a basic estimate of how much we give to the government in a year.

You paid $500 a year in mass transit taxes? You can't call it a tax, if you're getting a service, especially since most is subsidized. Your $500 probably got you $1,000 in benefits, i.e. the real cost.

I note that I included what I consider taxes/fees. This is basically what all levels of government and all agencies get from me in total. If it goes to the government or a quasi government agency. even if I get a service out of it, I included it.