I would suggest including Social Security taxes for accuracy. On my returns they are the 2nd highest tax- between federal and state.
For even more precision you could include property taxes and the estimated state taxes in the IRS tables. Plus you need to subtract the SS tax made for deferred income like
401Ks and regular IRAs, because these havent really been taxed yet.
I've done this calculation for a couple decades and found a general downward trend in that period thanks to Clinton/Bush tax cuts. (34% -> 29% total effective tax) Alas, I suspect this trend has reached its end.
The effective Fed tax rate is quite a bit below the marginal rate, ditto for the state rate. I'm using the marginal rates to guess the maximum tax damage. For 2011, I'll likely use the effective, rather than marginal rates.
BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here.
All logos and trade names are the property of their respective owners.