Sunday, April 07, 2019

Taxes

How did I fare under the so-called Trump Tax Cuts?

Federal:
From 2017 to 2018, my taxable income increased about $8500.
From 2017 to 2018, my federal tax increased less than $100 (less than 1.2% of that increase).

I don't have much "interest income" and the like, so let's do the simplest calculation possible:  federal tax divided by gross teacher income (the largest number I can find on my W-2).
2017:  13.25%
2018:  12.12%

California:
From 2017 to 2018, my taxable income increased about $7800.
From 2017 to 2018, my state tax increased about $620 (about 8% of that increase).

State tax divided by gross teacher income:
2017:  4.4%
2018:  4.7%

At the federal level I came out better than last year.  At the state level I did worse.  Shocking, I'm sure, when you consider which state I live in.

1 comment:

  1. Well you're rich, and you're not paying your fair share, you greedy, racist, sexist, misogynist, chrometophobist, scruffy looking nerf herder! :<)

    ReplyDelete