« Home | Thank You Laws of Finance » | Simple Steps To Begin Investing » | Selfless-Selfish Frugality Tip: Save Gas » | Checking Account Solution » | Tax deadline: April 17th » | Why I Don't Want Signature Debit Cards » | Thank You Citi!! » | Do I Really Need A Brick And Mortar Bank? » | Investment Gems » | Woohoo! ... I'm The Winner » 

Friday, April 14, 2006 

Taxes Are Done, Will Be Mailed Today

Finally I'm done with our taxes, like last couple of years I used TurboTax ( application version) to do the "dirty" work. Since I knew that I owe money on both federal and state I decided to file it later than sooner. I printed and signed them last night and they will be mailed today.
Here is what we paid:
  • 16.88 % of income to the federal.
  • 5.72 % of income to state ( California).
If I include Social Security and Medicare taxes, we paid around 31.11 % ( yikes!!) of our income to the government. But when you compare it with what percentage of income people in some of the other countries pay, it doesn't look that bad. Though they get many more social services than us, such as secure pensions and health care. So take your pick... I have firm believe that government is not best spender/investor of our money.