A few months ago, I stated my intention of logging my entire tax burden for the year. I want to see as precisely as possible what the government collects directly from me. I will make no attempt to calculate indirect items, such as the portion of the cost of goods or services that recover corporate income tax or regulatory compliance paid by the producer, manufacturer or retailer.
I expect the percentage to increase as the year goes on. I worked all but two days in January, and there were five paychecks instead of the usual four, so my income was much higher than normal. In addition, my purchases were lower than usual because of some 0% interest for X months promotions that ended during the month and had to be paid off.
Without further delay, here are the totals, rounded to the nearest dollar:
Gross Income: $6365
Fed Tax: $569
SS Tax: $387
Med Tax: $90
State Tax: $279
Health Care: $5*
If I end the year with this number, I will not complain too much. Twenty-five percent is a lot, but for all levels of government, it is much less than I expected.
* I include this because in years past, FaucetCompany paid 100% of the premium for individual medical insurance. During the open enrollment meetings for 2014, we were told that employer plans would be assessed certain fees mandated by zer0care. The decision was made to have employees share part of the cost of these fees. The amount listed above is my “share” of the fees.