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Household Tax Impact

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Version 7

I expect my family will earn this year.
Number of people in my family
Age of primary earner
I expect my family will pay taxes of this year.

 

My Family's... Dollars As a % of
Economic Income
Economic Income 0 0
Cash Income 0 0
Federal, State, and Local Taxes 0 0
 
Share of Gov Surplus (Deficit) 0 0
 
Share of Hard Gov Debt 0 0
Share of Semi-Hard Gov Debt 0 0
Share of Some Unfunded "Entitlements" 0 0
Share of Gov Debt, Entitlements, Risks 0 0
 
Economic income is your cash income plus your employer's portion to your Social Security and Medicare tax, estimates of other employment benefits, and the value of rental equivalent derived from home ownership.
Include taxes that are deducted from your paycheck.

Exclude employer provided benefits, employer contributions to your retirement, and your employer's share of Social Security and Medicare taxes (FICA).

Confidentiality: Because taxes are so dependent on incomes, there is no way we can estimate taxes without an income number.

See our privacy statement.

If you are still concerned about disclosing your income, enter an income number here that varies from your own. You'll still gain a firm grasp of the impact of government on household budgets. Consider, for instance, entering $50,000 as that is close to US median household income.
No need to spend too much time on it, unless this is the sort of thing you like to do. Your best quick guess will do just fine. Include all the taxes you pay: income taxes, Social Security taxes, Medicare taxes, sales taxes, property taxes, gasoline taxes, estate taxes, alcohol taxes, telephone taxes, your share of corporate income taxes, everything you pay to the feds, your state and local governments - the whole ball of wax.
"My Income (incl FICA)" includes the employer's share of FICA (Federal Insurance Contributions Act tax). FICA is Social Security and Medicare taxes. Employees pay half of this tax and employers pay half. Economists are in broad agreement that the employers' half would be available to pay employees if it was not collected by government. Hence it is a component of employee's income, even though employees seldom recognize it. Each half is currently 7.65% to total 15.3% of wages and salaries. Not all income is subject to FICA. The amount of an individual's wages and salary above $102,000 in 2008 are exempt from the Social Security portion of FICA (12.4% of wages). The Medicare portion of FICA (2.9% of wages) is assessed on all wages and salary with no cap. So people with million dollar salaries pay Medicare on all their wages, but pay Social Security on only $102,000 of their wages. Income from investments are exempt. In general, FICA is a tax on labor, not capital.
Payroll taxes are both the employee's and employer's FICA taxes. Tax estimates are based on national averages for households of this income level. Individual household's tax may vary significantly as the tax code treats people in different circumstances differently.
State and Local taxes vary widely from location to location. These are our estimates of national averages assessed on a household of this income. Your household's actual taxes may deviate from these estimates.
Deficits must be borrowed. They add to the national debt. Surpluses can be used to pay down the national debt or returned to taxpayers.
Hard Gov Debt is money that government has borrowed from the public and is legally required to repay to avoid default.
Semi-Hard Gov Debt is primarily retirement benefits promised to government employees for which no money is saved. These are unfunded liabilities. They are semi-hard in that they may possibly be cut, but it will require unprecedented taxpayer resolve to do so.
Unfunded Entitlements are primarily Social Security and Medicare benefits in excess of taxes scheduled to be collected to pay for them. It grows each year at roughly the rate of interest. These are "some" unfunded entitlements because it does not include Medicaid - medical care for the indigent - which is expected to grow rapidly as well. This is the present value of the shortfall as calculated by the federal government. MyGovSpending has estimated your share of that shortfall.

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