The Balanced Spreadsheet-Financial News, Budget Advice, Debt help, Financial Tips, and other advice

March 8, 2010

Do you know your Tax Freedom Day?

Filed under: Excel fun, Real Example — Tags: , , , — thebalancedspreadsheet @ 5:08 pm

After spending some time this weekend doing our income taxes for 2009 I am finally ready to update a post I made back in September on how much do I really pay in taxes relative to my gross income.

In comparing my final calculation to my September estimate, little has changed.  The main increase was in state taxes, which was caused when the State of Ohio postponed their scheduled tax cuts for 2009 late last year due to budget problems.  After accounting for that my wife and I paid about $617 this year in marriage penalty to Ohio.  Yippee!

Still overall our tax freedom day for 2009 remained on March 23rd.  Your tax freedom day is the day when you are done working for the year to pay all our taxes.  According to the Tax Foundation the average tax freedom day in the US was April 13th.  Ohio’s is April 11th meaning we beat both days! 

Do you know your tax freedom day?  It is kind of interesting to figure our how much of you gross income goes to taxes, but it can also be a little depressing knowing you still might have to work one more month just to pay your taxes.

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