Want to see just how much you envy Mitt Romney and his 15% effective tax rate? Get out your tax return and calculate your Effective Tax Rate in seconds!
Effective Tax Rate Calculator
1. Taxable income (1040, Line 37; 1040EZ, Line 6):
2. Income tax less credits (1040, Line 55; 1040EZ, Line 10):
3. Self-employment tax (1040, Line 56; not on 1040EZ):
4. Social Security and Medicare taxes paid -- add the amounts on Lines 4 and 6 of all your W-2 forms. If not available, multiply the first $106,800 of wages (1040, Line 1; 1040EZ, Line 1) by 0.0665 (for 2011 only) or 0.0765 (for 2010 and prior years):
5. Add the amounts on lines 2, 3 and 4:
6. Divide the amount on line 5 by the amount on line 1 and multiply by 100 to get percentage:
The percentage on line 6 is your Effective Tax Rate. Read 'em and weep!
Read More