Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
What were the taxes paid in 2018 compared to 2017? Overall did they go up?
Something doesn’t add up if you lost a $10K deduction but owe $5500. You aren’t in a 55% tax bracket.
Likely you had less withholding vs the year before and saw several thousand more take home across your paychecks.
To pay $11K in state income tax your gross salary had to be around $180K. Your federal marginal rate went down to 22%. In 2017 you were in the 28% bracket.
And yes, SALT means State And Local Taxes. If you want to blame anyone blame NY. Many others around the country with a $180K income would have come out a few thousand ahead.
When I say the rich I mean corporations. The real rulers of this strange country we live in.
We deserve to be taxed twice on the same money!! Thanks guys!!
i can't complain , we did about the same regardless. what blew my mind more was how little we paid in nys and nyc taxes being retired now...so much is not taxed locally
What were the taxes paid in 2018 compared to 2017? Overall did they go up?
Something doesn’t add up if you lost a $10K deduction but owe $5500. You aren’t in a 55% tax bracket.
Likely you had less withholding vs the year before and saw several thousand more take home across your paychecks.
To pay $11K in state income tax your gross salary had to be around $180K. Your federal marginal rate went down to 22%. In 2017 you were in the 28% bracket.
And yes, SALT means State And Local Taxes. If you want to blame anyone blame NY. Many others around the country with a $180K income would have come out a few thousand ahead.
I wish I could explain it. My adjusted gross income was $5000 less this year. I paid $866 less in federal withholding than last year. I have run through the tax program 3 times as well as others and it comes up with the same figure. The only thing I can attribute it to is the SALT deduction. I have already adjusted the withholding to take an extra $100 from each paycheck so there won't be an issue next year. Please note: I did reference a 2-3% increase, but I changed jobs mid year in 2017. The 2-3% increase was a raise in 2018, however in 2017 with another job, I received a substantial bonus.
The income was higher in 2017.
I wish I could explain it. My adjusted gross income was $5000 less this year. I paid $866 less in federal withholding than last year. I have run through the tax program 3 times as well as others and it comes up with the same figure. The only thing I can attribute it to is the SALT deduction. I have already adjusted the withholding to take an extra $100 from each paycheck so there won't be an issue next year. Please note: I did reference a 2-3% increase, but I changed jobs mid year in 2017. The 2-3% increase was a raise in 2018, however in 2017 with another job, I received a substantial bonus.
The income was higher in 2017.
So your income was higher in 2017, you also possibly had “too much” SS deductions (2 employers).
But you made less money in 2018, only had $866 less in withholding and are in a lower bracket yet owe $5500.
Sounds like you are the outlier case that doesn’t benefit from the tax change.
What were your effective (not marginal) tax rates for 2017 and 2018? That’s the only way to compare “apples to apples” across years if you came out ahead.
Listen fellas. You want your “tax cut”, all you have to do is have a ton of children or give the government a couple hundred a month extra so you won’t owe a ton at filing. Basic economics!!
So your income was higher in 2017, you also possibly had “too much” SS deductions (2 employers).
But you made less money in 2018, only had $866 less in withholding and are in a lower bracket yet owe $5500.
Sounds like you are the outlier case that doesn’t benefit from the tax change.
What were your effective (not marginal) tax rates for 2017 and 2018? That’s the only way to compare “apples to apples” across years if you came out ahead.
If I calculated correctly, which I very well may not have, the effective rate for 2017 was 19% and 2018 was 20%. I also realized the loss of claiming the personal exemptions added to the mix. The deduction I could not take this year was $10000 for SALT and 13000 for personal exemptions.
The irony is I am getting a refund from the State of NY, which I usually break even with.
Unbelievable, can’t make this stuff up. Now politicians are crying wolf because we pay to much in taxes and blame Washington instead of going after the real reason!!
We can’t win out here folks.
Spot on post.
OP, You are getting severely over-charged on local taxes.
Fix it Op!! Sorry if you’re life is on LI. Ya gots ta go brudda!!
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
