Are you looking forward for Tax Day?
My taxes increased.
And I'm in Seattle.
Overall the impact was negative, but not significant. SALT hit me hard. Had purchased a vehicle in 2018 and was looking forward to deducting almost $20k total (including RE, general sales tax, vehicle sales tax). Elimination of personal exemptions was not good either. But the child credit was not bad.
1. get into real estate, (depreciation and expenses) 2. live in a state with no income tax, 3. Get a job that pays as little as mine, 4. Pay no income tax!
If you make your money by working for someone else this is likely a tax increase.
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Most people don’t account their own effectiveness tax rate, much less annual tax savings. Most people only care if they’re getting a return, or how much money they may owe.
Does effective tax rate include FICA contribution as well ?
It should, but it depends on what you personally are trying to measure. If you want Total federal effective tax rate, then yes. If you want you overall effective tax rate I would also say yes but also add your state and local taxes as well.