Got those taxes done? The deadline is Monday, and here’s a fun reminder that the government does take a bite . . .
A study found the average American will pay just under $525,000 in taxes in their life. The exact number is $524,625.
That’s not just income taxes. It includes things like sales tax and property taxes. Altogether, it amounts to 35% of all the money we earn.
It depends on where you live though. People in one state actually have to cough up over HALF their earnings. In New Jersey, 54% of your money gets taxed away. Connecticut is next at 49%, then Vermont and New York at 45%.
Compared to that, people in Alaska have it pretty easy at just 25%. There’s no statewide sales tax in Alaska, so that’s one reason. After that, it’s Delaware at 26%, and Louisiana at 27%.
Google Trends looked at the top questions we’ve been asking ahead of Tax Day. They include “Is it better to file jointly or separately?” . . . “How to file a tax extension” . . . and “How often does the IRS audit?”
The answer is about 1 in every 500 returns, or a 0.2% chance. But it’s higher if you earn a lot. People who make over $10 million a year have about a 1-in-40 chance of being audited.
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