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finished my tax return -- what does effective tax rate mean?
Posted by: dan dan the tax man ()
Date: January 25, 2013 03:42AM

it says mine is zero percent. it's not because i didn't make very much because i made a decent ammount last year. not a lot but in line with the majority. so anybody know what that means? i attached a snippit from the turbo tax report.
Attachments:
zero percent tax bracket.jpg

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Re: finished my tax return -- what does effective tax rate mean?
Posted by: taxman123 ()
Date: January 25, 2013 06:34AM

if your getting several grand back i need to make some calls. the irs does kick back 10 percent of what they recover as a snitch fee

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Re: finished my tax return -- what does effective tax rate mean?
Posted by: dan dan the idiot man ()
Date: January 25, 2013 10:27AM

dan dan the tax man Wrote:
-------------------------------------------------------
> it says mine is zero percent. it's not because i
> didn't make very much because i made a decent
> ammount last year. not a lot but in line with the
> majority. so anybody know what that means? i
> attached a snippit from the turbo tax report.

Ask the Google. The Google knows all.

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Re: finished my tax return -- what does effective tax rate mean?
Posted by: Bill.N. ()
Date: January 25, 2013 11:05AM

I have no idea what it means in TurboTax land. In regular speak it is usually your tax liability divided by either your adjusted gross income or your total income. If you have an effective tax rate of 0% it means that your income did not generate any tax for the year.

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Re: finished my tax return -- what does effective tax rate mean?
Posted by: dan dan the tax man ()
Date: January 25, 2013 01:11PM

Bill.N. Wrote:
-------------------------------------------------------
> IIf you have an effective tax
> rate of 0% it means that your income did not
> generate any tax for the year.



does that mean i win? or did i do fail hard and did i do something wrong? my return is a little more that 10% of last years total income. i may go to h&r block and hand my tax return to them and ask them if it is correct. are they like lawyers and charge you for just asking them questions?

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Re: finished my tax return -- what does effective tax rate mean?
Posted by: Warren Buffet ()
Date: January 25, 2013 05:36PM

Goss income is taxed at different levels. However, after your deductions, your "adjusted gross income" might be taxed at a different rate than your gross income. The effective rate is the percentage of your gross income that you are actually paying.

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Re: finished my tax return -- what does effective tax rate mean?
Posted by: dan dan the tax man ()
Date: January 25, 2013 07:12PM

Warren Buffet Wrote:
-------------------------------------------------------
> Goss income is taxed at different levels.


am i on mitt romney's level yet.

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Re: finished my tax return -- what does effective tax rate mean?
Posted by: Cris122 ()
Date: February 13, 2013 01:15PM

I had the same problem. It makes me think that I will automatically get audited which I don't mind. In my case, I had two sales jobs in 2012 which paid very little. My expenses and deductions just about equaled my gross income. Not sure how they do the math, but it must be a calculation between gross income and expenses/deductions.

Should I be worried?

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