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Re: Let's compare 2013 effective tax rates

I agree, but I think the problem is that those with a W2 don't have an easy way to find out how much they paid for social security and medicare taxes.

Edit: Unless they look at their W2 I guess. I'm all for it if people are willing to put in the effort. It would paint the most complete picture.
by boglerocks
Wed Apr 16, 2014 6:42 pm
 
Forum: Personal Finance (Not Investing)
Topic: Let's compare 2013 effective tax rates
Replies: 46
Views: 2150

Re: Let's compare 2013 effective tax rates

The 16th is a good day for this thread.
by boglerocks
Wed Apr 16, 2014 6:31 pm
 
Forum: Personal Finance (Not Investing)
Topic: Let's compare 2013 effective tax rates
Replies: 46
Views: 2150

Re: Let's compare 2013 effective tax rates

What if you calculated your effective tax rate after backing out the self employment tax (1040 line 56)? Effective tax rate = Gross Income / (total tax - self employment tax) That sounds good. How about 1040 line 55 divided by line 37 with state taxes and payments included in the numerator in a sep...
by boglerocks
Wed Apr 16, 2014 6:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: Let's compare 2013 effective tax rates
Replies: 46
Views: 2150

Re: Let's compare 2013 effective tax rates

I'm sorry everyone. I didn't realize I had opened yet another can of worms. From form 1040, how about line 61 divided by line 37. Then a second number which includes in the numerator any state income tax (and payments already made there). In California that's line 64. I get: 25% rate, 30% including ...
by boglerocks
Wed Apr 16, 2014 5:09 pm
 
Forum: Personal Finance (Not Investing)
Topic: Let's compare 2013 effective tax rates
Replies: 46
Views: 2150

Re: Let's compare 2013 effective tax rates

Isn't "effective rate" well-defined? What am I missing?

http://www.investopedia.com/terms/e/eff ... axrate.asp
by boglerocks
Wed Apr 16, 2014 12:21 pm
 
Forum: Personal Finance (Not Investing)
Topic: Let's compare 2013 effective tax rates
Replies: 46
Views: 2150

Let's compare 2013 effective tax rates

I thought it would be interesting to compare 2013 effective tax rates along with federal tax brackets and any interesting tidbits. Here's mine:

30% effective rate
25% bracket
SEP deduction
by boglerocks
Wed Apr 16, 2014 12:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: Let's compare 2013 effective tax rates
Replies: 46
Views: 2150

Re: SEP instead of IRA?

Does this mean that since I just contributed to my SEP and deducted that contribution from my 2013 return, I can't make a Traditional IRA deduction on my 2014 return even if I don't contribute to SEP in 2014? Or since I did not make a Traditional IRA deduction on my 2013 return, I can make such a de...
by boglerocks
Wed Apr 16, 2014 11:11 am
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: SEP instead of IRA?

DSInvestor, my tax guy appears to be under the same impression.
by boglerocks
Tue Apr 15, 2014 5:15 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: SEP instead of IRA?

So if I start a SEP IRA today and contribute to it today and my wife (who is also an employee) starts a SEP IRA today and I contribute to it today and I deduct both of those contributions on our joint 2013 tax return, we can also deduct $11K in Traditional IRA contributions on our 2013 tax return, b...
by boglerocks
Tue Apr 15, 2014 4:16 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: SEP instead of IRA?

I (stupidly) didn't realize that the tax bracket income levels change when moving from joint to separate returns so it looks like we're filing jointly since I would stay in the 25% bracket anyway. If I contribute to my SEP and to my wife's SEP on our joint return, is it correct that we aren't able t...
by boglerocks
Tue Apr 15, 2014 2:23 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: SEP instead of IRA?

I'm taking another look at this and I think a SEP might actually work really nicely in my situation. My wife is the only employee who has been working for me in 3 of the last 5 years. My contribution to myself would be $20K and my contribution to her would be $7K. $27K in deductions would drop me fr...
by boglerocks
Tue Apr 15, 2014 9:57 am
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: 40% tax rate???

I'm OK with looking foolish.

Is a 40% *effective* rate typical on $125K?
by boglerocks
Mon Apr 14, 2014 7:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: 40% tax rate???
Replies: 26
Views: 1215

Re: 40% tax rate???

Learn more? You mean like start a discussion on the finest internet forum in existence? Alright.
by boglerocks
Mon Apr 14, 2014 7:36 pm
 
Forum: Personal Finance (Not Investing)
Topic: 40% tax rate???
Replies: 26
Views: 1215

Re: 40% tax rate???

What is the difference between the marginal rate and effective rate in a case like that?
by boglerocks
Mon Apr 14, 2014 7:29 pm
 
Forum: Personal Finance (Not Investing)
Topic: 40% tax rate???
Replies: 26
Views: 1215

Re: 40% tax rate???

So maybe the answer is to get out of business and into long-term investments for the 15% tax rate? :) I'm only half kidding.
by boglerocks
Mon Apr 14, 2014 7:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: 40% tax rate???
Replies: 26
Views: 1215

Re: 40% tax rate???

Since when is social security tax income tax? Social security tax is social security tax. Since when is medicare tax income tax? Medicare tax is medicare tax. If everything is income tax, don't forget your 9% use tax. That must be income tax as well (it goes on your CA 540). Just because something ...
by boglerocks
Mon Apr 14, 2014 7:25 pm
 
Forum: Personal Finance (Not Investing)
Topic: 40% tax rate???
Replies: 26
Views: 1215

Re: 40% tax rate???

So everybody making $72,501 or more is paying 40% or more in income tax?
by boglerocks
Mon Apr 14, 2014 7:17 pm
 
Forum: Personal Finance (Not Investing)
Topic: 40% tax rate???
Replies: 26
Views: 1215

Re: 40% tax rate???

Yeah, I don't mean to make it political. I'm genuinely looking for an unemotional answer to those two questions.
by boglerocks
Mon Apr 14, 2014 7:12 pm
 
Forum: Personal Finance (Not Investing)
Topic: 40% tax rate???
Replies: 26
Views: 1215

40% tax rate???

My business made a lot more money this year than it has before and I'm astonished to find out I'm paying about 40% of my profits to income tax. This seems to be due to being in the 25% federal tax bracket, plus California state income tax, plus self-employment tax. This really feels outrageous to me...
by boglerocks
Mon Apr 14, 2014 7:10 pm
 
Forum: Personal Finance (Not Investing)
Topic: 40% tax rate???
Replies: 26
Views: 1215

Re: SEP instead of IRA?

Thanks everyone. I'm amazed my tax guy would recommend I switch from an IRA to a SEP since it sounds like it would be more expensive.
by boglerocks
Sun Apr 13, 2014 7:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: SEP instead of IRA?

I have 3 employees. How does that affect things?
by boglerocks
Sun Apr 13, 2014 6:08 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: SEP instead of IRA?

Thanks, I've actually been running a business for almost 15 years. Any other considerations?
by boglerocks
Sun Apr 13, 2014 5:58 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

SEP instead of IRA?

I've been contributing ~$5K to my IRA each year but this year my tax guy is telling me to contribute ~$20K to a SEP IRA instead. Is there anything I should consider before making this change?
by boglerocks
Sun Apr 13, 2014 5:40 pm
 
Forum: Personal Finance (Not Investing)
Topic: SEP instead of IRA?
Replies: 28
Views: 940

Re: Is brokerage money protected?

I'm also curious about the margin question darrellr brought up if anyone know about that.
by boglerocks
Mon Mar 17, 2014 11:33 am
 
Forum: Investing - Help with Personal Investments
Topic: Is brokerage money protected?
Replies: 18
Views: 1435

Re: Is brokerage money protected?

Very cool, thank you for the info.
by boglerocks
Thu Mar 13, 2014 2:36 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is brokerage money protected?
Replies: 18
Views: 1435

Re: Is brokerage money protected?

That's a pleasant surprise. So I would be covered up to $500K of which up to $250K could be cash.
by boglerocks
Thu Mar 13, 2014 2:26 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is brokerage money protected?
Replies: 18
Views: 1435

Is brokerage money protected?

Hypothetically, if Scottrade were to go bankrupt, would I lose the cash in my account there? What about the stock?
by boglerocks
Thu Mar 13, 2014 2:07 pm
 
Forum: Investing - Help with Personal Investments
Topic: Is brokerage money protected?
Replies: 18
Views: 1435

Re: Bitcoins as investment

UPDATE: Mt. Gox loses customers' bitcoins, files for bankruptcy


As I said above:

No one should keep a substantial amount of money in an exchange.
by boglerocks
Fri Feb 28, 2014 1:20 pm
 
Forum: Personal Finance (Not Investing)
Topic: Bitcoins as investment
Replies: 190
Views: 10560

Re: Bitcoins as investment

It's been in circulation for over 5 years. How long does it take to not be a flash in the pan?
by boglerocks
Fri Feb 28, 2014 10:49 am
 
Forum: Personal Finance (Not Investing)
Topic: Bitcoins as investment
Replies: 190
Views: 10560

Re: Bitcoins as investment

If not exchanges where can bit coins be stored? Since they don't exist in the physical world, bitcoins aren't actually stored anywhere. What they are is recorded, and they're recorded in what's called the bitcoin blockchain which works exactly like a ledger. The blockchain is public and by looking ...
by boglerocks
Thu Feb 27, 2014 10:27 am
 
Forum: Personal Finance (Not Investing)
Topic: Bitcoins as investment
Replies: 190
Views: 10560

Re: Bitcoins as investment

Any change in assessment since November?


For me, the short answer is 'no'. The price is down 50% since the new year but it's up 500% since September when I started buying. No one should keep a substantial amount of money in an exchange (ie MTGOX).
by boglerocks
Wed Feb 26, 2014 11:10 am
 
Forum: Personal Finance (Not Investing)
Topic: Bitcoins as investment
Replies: 190
Views: 10560

Re: Leased a new car -- now what?

Is the tax deduction just simpler and easier with a lease or do you actually come out ahead compared to buying?
by boglerocks
Tue Feb 18, 2014 1:34 pm
 
Forum: Personal Finance (Not Investing)
Topic: Leased a new car -- now what?
Replies: 20
Views: 2518

Re: Leased a new car -- now what?

One of the pros of leasing which I find really attractive is that you don't have to pay sales tax on the entire value of the car.

Why do people say leasing is most beneficial if you can deduct the lease payments from your business expenses? Wouldn't the same apply if you were to buy the car?
by boglerocks
Mon Feb 17, 2014 11:26 am
 
Forum: Personal Finance (Not Investing)
Topic: Leased a new car -- now what?
Replies: 20
Views: 2518

Re: Leased a new car -- now what?

Thanks guys, I'll put the lease contract in the glovebox.
by boglerocks
Sun Feb 16, 2014 12:33 pm
 
Forum: Personal Finance (Not Investing)
Topic: Leased a new car -- now what?
Replies: 20
Views: 2518

Re: Leased a new car -- now what?

But the day you go to the dealer to sign papers and pick up your car you will get a "receipt" of sorts that is the "lease contract" This contract will show what you paid, your payment and details. This contract will act as your car registration until your get the official regist...
by boglerocks
Sat Feb 15, 2014 10:46 am
 
Forum: Personal Finance (Not Investing)
Topic: Leased a new car -- now what?
Replies: 20
Views: 2518

Re: Leased a new car -- now what?

Thank you 123!
by boglerocks
Thu Feb 13, 2014 1:47 pm
 
Forum: Personal Finance (Not Investing)
Topic: Leased a new car -- now what?
Replies: 20
Views: 2518

Leased a new car -- now what?

My wife and I just leased a new car and we're pretty excited. We've been out of the country for a while and without a vehicle so I'm hoping to double-check with you guys to be sure I'm not forgetting anything. 1. I'm sure I need to contact the CA DMV and do something. I need license plates and proof...
by boglerocks
Wed Feb 12, 2014 9:26 pm
 
Forum: Personal Finance (Not Investing)
Topic: Leased a new car -- now what?
Replies: 20
Views: 2518

Re: [Need help finding health insurance in CA]

There is no Kaiser in my area unfortunately. I've read a lot of good things about them.

Has anyone dealt with a health insurance company that they would recommend?
by boglerocks
Wed Jan 29, 2014 11:58 am
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: [Need help finding health insurance in CA]

Is there any essential difference between exchange policies and non-exchange policies besides price and reimbursement rates and therefore acceptance by doctors?
by boglerocks
Mon Jan 27, 2014 8:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: [Need help finding health insurance in CA]

Got it, so some policies cover pregnancy and some don't. I think I can infer from the response above that all exchange policies cover pregnancy.
by boglerocks
Mon Jan 27, 2014 8:00 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: Most expensive [coverdca.com plan] & no doctors accept i

Of course with the pregnancy you will have to buy from the exchange as non-exchange would not cover it. Can anyone confirm this? I thought all health insurance companies could no longer turn you away for a pre-existing condition, but maybe I'm wrong. OP, why don't you call up your new insurance car...
by boglerocks
Mon Jan 27, 2014 7:50 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: Most expensive [coverdca.com plan] & no doctors accept i

Alex, thank you for unlocking this thread. I need this information.
by boglerocks
Mon Jan 27, 2014 7:41 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: Most expensive [coverdca.com plan] & no doctors accept i

Isn't there some kind of a nice expensive plan or company I can choose that is generally really well accepted by doctors? I am surprised, the Anthem Blue Cross PPO is actually a very reasonable option compared to a lot of the junk being sold on the exchange. From what I can gather, it's the fact tha...
by boglerocks
Mon Jan 27, 2014 7:05 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: Most expensive [coverdca.com plan] & no doctors accept i

It sounds like this the first time you have ever bought health insurance? Yes! This is the root of the problem. Kaiser covers lots of CA, you can buy it within or outside of coveredca, it receives rave reviews and it keeps things simple for those that need it. But the reimbursement rates and theref...
by boglerocks
Mon Jan 27, 2014 6:02 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: Most expensive [coverdca.com plan] & no doctors accept i

any wise shopper should verify that his current doctors and nearby hospitals are covered by any plans being considered Do insurance policies cover specific hospitals? Can I choose a hospital, find out if the insurance policy I'm interested in covers that hospital, and then know I'm covered no matte...
by boglerocks
Mon Jan 27, 2014 5:51 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: Most expensive [coverdca.com plan] & no doctors accept i

[response to OT policy comments removed by admin alex] How can I choose insurance outside of Covered CA (so I don't run into the problems above) that will fulfill the government requirement? If you don't have a list of doctors you already see, or have seen in the past, then pretend you're picking o...
by boglerocks
Mon Jan 27, 2014 5:24 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: Most expensive [coverdca.com plan] & no doctors accept i

I could check coveredca.com to find plans with the OBGYN we want, but then what if one of us gets sick or injured or needs to see another type of specialist? If the Covered CA plans are generally not accepted by many doctors then we'll be in trouble. I don't live in CA, so I probably don't have all ...
by boglerocks
Mon Jan 27, 2014 3:32 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: Most expensive health insurance & no doctors accept it?

[off-topic comment deleted by admin alex]
by boglerocks
Mon Jan 27, 2014 2:11 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

[Need help finding health insurance in CA]

My (pregnant) wife and I are 32. We recently signed up for the most expensive health insurance plan offered through coveredca.com at over $800/month for both of us (Anthem Blue Cross PPO). Now we're looking for an OBGYN and everyone is telling us they don't accept that insurance. How can that be? We...
by boglerocks
Mon Jan 27, 2014 1:38 pm
 
Forum: Personal Finance (Not Investing)
Topic: [Need help finding health insurance in CA]
Replies: 54
Views: 1954

Re: Business insurance company?

How should I go about choosing an agent?
by boglerocks
Fri Jan 24, 2014 12:01 pm
 
Forum: Personal Finance (Not Investing)
Topic: Business insurance company?
Replies: 6
Views: 283
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