General Discussion

Ms. Toad

(38,632 posts)

50. Nope.

Wed Jan 25, 2012, 09:37 AM

Jan 2012

Only on earned income. (For 2011 he had no earned income. I didn't find anyone specifically commenting on his 2010 taxes - but I found one that implied no earned income for either year).

But that is a separate question from the return he made public (and there are several other taxes which are also separate and not disclosed - state, city, property, sales).

If you're pulling different taxes into the mix, because he doesn't pay SS or Medicare taxes, as a Massachusetts resident his capital gains may work against him - in the ballpark of the FICA and Medicare taxes he doesn't pay at the federal level. The state tax income tax rate is 5.3%, but some capital gains are taxed at 12% (I couldn't quickly find the details - but one general description sounded like it was most capital gains). So what he saves in FICA/Medicare at the federal level appears to be offset by the surcharge for unearned income at the state level.

It would be interesting to know his total tax v. income, but as far as I know he only released his federal taxes.

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I teach school for 40 grand a year before taxes. [View all] arely staircase Jan 2012 OP

but, according to scott brown, you make over 100k per year niyad Jan 2012 #1

Don't I wish. nt arely staircase Jan 2012 #5

don't you feel like you are living in the lap of luxury? ejpoeta Jan 2012 #2

yup demtenjeep Jan 2012 #3

I'm just trying to figure something out SickOfTheOnePct Jan 2012 #35

Top income rate is 35% FogerRox Jan 2012 #74

Not on $55,000 n/t SickOfTheOnePct Jan 2012 #80

Problem with Health insurance? simple. just fire your health insurer. greenman3610 Jan 2012 #77

And don't forget all the perks you get progressoid Jan 2012 #4

Like that 2000 dollar deductible. nt arely staircase Jan 2012 #6

Yep. progressoid Jan 2012 #12

Agreed. bluerum Jan 2012 #7

Might buy into that if they can't write off losses bigbrother05 Jan 2012 #10

My rate is thirty percent. Romney's is less than fourteen. arely staircase Jan 2012 #17

I have a hard time believing this unless it's a joint return Snake Alchemist Jan 2012 #72

So do gamblers in Vegas get that rate? nt arely staircase Jan 2012 #18

at the end of the day, I know I have made a very positive impact. Here is a post I received from a demtenjeep Jan 2012 #8

that is wonderful renate Jan 2012 #62

that is awesome arely staircase Jan 2012 #81

it takes Mitt about 15 hours to make your annual salary Enrique Jan 2012 #9

Grrrrrrrrr! nt arely staircase Jan 2012 #14

by my figures a single person would pay $4,183 hfojvt Jan 2012 #11

I suspect the OP was talking about the marginal tax rate Ms. Toad Jan 2012 #19

the marginal rate at $40,000 is only 15% hfojvt Jan 2012 #38

he/she could be married to another earner and file jointly spooky3 Jan 2012 #40

for a couple, the 25% rate starts at $82,400 hfojvt Jan 2012 #43

Aside from self employment - Ms. Toad Jan 2012 #41

It is fixed. The point remains. nt arely staircase Jan 2012 #33

And yet they won't be happy until they bust our unions and take even more. Starry Messenger Jan 2012 #13

I'm our campus' AFT building rep. arely staircase Jan 2012 #21

I am in my 39th year of teaching. I now make $ 50,000... finally. Gus2525 Jan 2012 #15

I would go to another tax accountant. former9thward Jan 2012 #16

Thats Federal Ruby the Liberal Jan 2012 #20

No the math does not add up. former9thward Jan 2012 #25

I didn't offer any math for analysis Ruby the Liberal Jan 2012 #28

The OP's math does not add up. former9thward Jan 2012 #31

I have fixed it. My bracket is 25 percent arely staircase Jan 2012 #32

Not if he's put himself in a 'S' corporation. They're exempt from the 2.9% Medicare sinkingfeeling Jan 2012 #51

Yes, without having the exact return in front of us it is hard to know the exact figure. former9thward Jan 2012 #55

He'd only pay SS on the first $106,000. The speaking fees were a small fraction of his income, bornskeptic Jan 2012 #59

Starting in 2013, high income households will pay 3.8% to medicare, on investment income lacrew Jan 2012 #27

Sorry my rate is twenty-five percent - still almost twice that of Mittens nt arely staircase Jan 2012 #22

You are not paying 25% on 40k. former9thward Jan 2012 #26

My bracket is Twenty five and I still pay more arely staircase Jan 2012 #34

You seem to keep speaking of marginal rate, while this whole discussion is about effective rate ... oldhippie Jan 2012 #36

yes i do and i thought i cleared that up arely staircase Jan 2012 #39

Romney's number does not include SS or medicare. n/t Ms. Toad Jan 2012 #47

does one pay ss and medicare on capital gains? arely staircase Jan 2012 #49

Nope. Ms. Toad Jan 2012 #50

Wouldn't his speaker fees be earned income? oldhippie Jan 2012 #54

I was quite surprised Ms. Toad Jan 2012 #58

You simply are defing IRS tax tables. But keep paying that 25% if you wish. former9thward Jan 2012 #37

Sounds like you're overpaying twice as much as you should be, or BadgerKid Jan 2012 #23

This dog realy doesn't hunt lacrew Jan 2012 #24

Fixed nt arely staircase Jan 2012 #29

+1 former9thward Jan 2012 #30

+1 nt Honeycombe8 Jan 2012 #44

Romney's number does not include SS or medicare. Ms. Toad Jan 2012 #46

Actually it DOES include all the SS and Medicare that Romney pays karynnj Jan 2012 #52

Yes - but to compare apples to apples Ms. Toad Jan 2012 #53

But what was released was the federal tax return - Ms. Toad Jan 2012 #60

Either comparison is valid - and as the SS and Medicare are paid in one case and not the other, karynnj Jan 2012 #67

Federal income tax is a bit artificial Ms. Toad Jan 2012 #70

Self-employed: pay 15% SS-NO deductions ErikJ Jan 2012 #61

Romney would pay payroll taxes on his speaking fees. former9thward Jan 2012 #63

State sales tax and property tax? ErikJ Jan 2012 #64

I'm sure you are right. former9thward Jan 2012 #66

The OP Did not say anything about being self employed. lacrew Jan 2012 #65

Effective TOTAL taxes, apples to apples. ErikJ Jan 2012 #68

I take it you didn't read my post lacrew Jan 2012 #71

I was adding the part about Self employed not applying it to OP ErikJ Jan 2012 #73

These two statements do not agree with each other lacrew Jan 2012 #76

but Warren Buffet is one of us!! Puzzledtraveller Jan 2012 #75

The federal tax rate on $40K is not 30%. Mine is less than that and I make more than you do. Honeycombe8 Jan 2012 #42

Before deductions (at least before what most of us think of as deductions). Ms. Toad Jan 2012 #45

and the hours are endless because teachers are not paid by the hour usually glinda Jan 2012 #48

Shameful _ed_ Jan 2012 #56

And just try to get a mortgage! catrose Jan 2012 #78

If you look at your Social Security taxes, + compare them to Rmoney's, you'll be even more outraged. AnotherMcIntosh Jan 2012 #57

9 Things The Rich Don't Want You To Know About Taxes ErikJ Jan 2012 #69

I work in Sales and Mktg. for $42k before taxes blueamy66 Jan 2012 #79