When you aren’t paying rent or mortgages, you may be paying taxes.
The Federal Reserve’s recent Federal Reserve Bulletin shows that the average household in the U.S. pays $11,931 in federal taxes a year.
The median household in that same age group, which includes workers in full-time jobs, pays $16,749.
The average household’s income, however, is much lower, at $43,500.
That’s lower than the $59,500 median income of households that have paid federal income taxes in recent years.
In 2014, the average income for a single person living in poverty was $23,542.
The typical household, meanwhile, paid $11.25 in federal income tax in 2014.
In 2015, the median household’s household income was $46,929.
The average household, however was paying $16.07 in federal tax in 2015.
So how much is it worth to pay taxes?
According to a 2013 report by the Tax Foundation, the total tax bill for a household in 2016 was $7,874.
That includes all income taxes paid by the household, payroll taxes, and any additional taxes paid due to deductions and exemptions.
The Tax Foundation’s estimates of the value of all federal taxes in 2016 is $5.9 trillion.
That means the median tax bill paid by a household was $6,947.
To put that in perspective, that’s less than one-quarter of one percent of the average U..
S, which is about $6.5 trillion.
According to the Tax Policy Center, the Federal Reserve reported that in 2015, households paid about $11 trillion in federal and state taxes.
The Federal Reserve also estimates that the current average tax bill of households in the United States is $16 trillion.