S.C.’s actual income tax rates much lower than portrayed

Effective tax rates (ETR) differ from statutory tax rates in that they attempt to measure taxes paid as a proportion of economic income, while statutory rates indicate the amount of tax liability (before any credits) relative to taxable income, which is defined by tax law and reflects tax benefits and subsidies built into the law.

Most people misunderstand the math behind their real marginal tax rate. Your marginal tax rate is the rate you would pay on an extra dollar of taxable income. The stated federal income tax rates are 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% on ordinary income (wages, bonuses, self-employment income, interest, short-term capital gains, and the like).

It’s not just cash-strapped millennials worried about housing affordability Well, yeah, that’s what I was saying. The problem isn’t that millennials can’t afford to buy homes, it’s that they can’t afford to buy them where they want to live. And to be fair, it’s not just millennials. Anyone who is a renter lives in or is moving to a high demand area is going to be unable to afford a house.

SC’s actual income tax rates much lower than portrayed A look at perception versus reality for SC income taxes <p>By SEANNA ADCOX</p><p>Associated Press</p> May 29, 2015

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Income = Pre-tax earnings in $ million. U.S. Tax Rate Paid = Current portion of Federal taxes / Pre-tax earnings. Effective Tax Rate = All taxes declared (Current & Deferred, Domestic & Foreign) / Pre-tax earnings. There are many legitimate reasons that these rates differ from each other and from the U.S. statutory rate of 35%.

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Why is my total gross LESS THAN my "fed taxable gross"? WTH is that anyways?? And how can they tax me on an amount of money that I didn’t even make? The total gross is what I actually made. And the "fed taxable gross" is more than I actually made! And I’m being taxed on it??

A marginal tax rate is the tax rate on income set at a higher rate for incomes above a designated higher bracket, which in 2016 in the United States was $415,050. For annual income that was above cut off point in that higher bracket, the marginal tax rate in 2016 was 39.6%. For income below the $415,050 cut off, the lower tax rate was 35% or less.

Accelerating my property tax payment into 2016 at my overall federal/state combined tax rate of over 47% will save me over $4500. Next year, my income should be much, much lower and I may just take the standard deduction.