My income taxes are quite reasonable. Cheap, even.

[trof]

Just finished my state and federal income tax forms.
My net tax rate for the feds is 5.4% of AGI.
About half of my social security income isn't taxed and I got a $1590 tax credit for the solar water system we had installed last year.

My net tax rate for state is 2.5% of AGI.
Alabama does not tax any of my social security, nor my qualified pension.

I can live with that.
:-)

[ixion]

1. mine is not

I'm paying more than 20k a year in various taxes, not a penny of which I'll ever see again, and most of which winds up producing some type of malfeasance, foreign or domestic.

I'm okay with paying in to support the common infrastructure, but not so much with supporting the top 1%.

[LiberalFighter]

2. You should calculate your tax rate based on all income.

Or in the case of Social Security just the part that is taxable.

And just to confuse those nut cases also say that you are in the (insert top tax rate) tax bracket and only paid (insert actual percent paid).

Too many people think that if they are at the (insert top tax rate) that all of their income is taxed at that rate. Instead of the portion of income qualifying for the tax rate.

And many are under the misconception that only the low income people don't pay taxes on their income. When in reality in most cases the first part of everyone's income is not taxed.

[trof]

4. In my case AGI = total income.

I have no adjustments to gross.

[Bonhomme Richard]

3. I am going to pay about 40K this year.

It sucks. I own a single employee S Corp manufacturing company and payed myself a little over 40K last year. My sales last year were the best ever and I wanted to begin a international marketing/advertising campaign so that I can grow the company and start hiring employees. The IRS considers any profit as personal income to me. It doesn't matter whether or nor I pay myself that money. I leave the money in the business to give me capital to work with and was looking forward to using that money to expand the business.
What sucks is that they are going to take a large chunk of that money right off the top and leave me less funds to use for growth. I am conservative with my business and need to put funds aside in case my sales take a dive this year. I am cautious but,I haven't needed to get loans to sustain the company. I will still do the marketing and advertising (it ain't cheap) but the amount is going to have to be scaled back.