The annual list is calculated by weighing a star's pay cheque against the money generated by his or her ticket sales at the box office, and thanks to box office bombs like Imagine That, A Thousand Words, and Meet Dave, Murphy only averaged an estimated return of $2.30 (£1.44) for every $1 (£0.63) earned.
The poll marks a step in the wrong direction for Murphy, who was second on last year's Forbes list behind Drew Barrymore. She fell out of the top 10 this year due to the fact she took time away from making movies to become a mum.
Faring slightly better is Katherine Heigl in second place - her most recent films, One for the Money, New Year's Eve and Life as We Know It, returned $3.40 (£2.10) for every dollar.
Oscar winners Reese Witherspoon and Sandra Bullock are surprising entries at three and four, respectively, while funnyman Jack Black rounds out the top five.
The movie dame's estate bosses raked in $210 million (£131 million) in the past year to knock Jackson from number one on Forbes' annual list.
Taylor's estate worth was swelled by last December's (11) Christie's auction - the movie legend's jewellery, costumes and art work brought in over $180 million (£113 million).
The King of Pop comes in second on the new Forbes list with $145 million (£90.6 million) and Elvis Presley's $55 million (£34.4 million) puts him third.
Peanuts creator Charles Schulz and reggae legend Bob Marley round out the top five.
Most of that cash came from his work as Charlie Sheen's replacement on sitcom Two and a Half Men.
Ironically, Kutcher also replaces Sheen as television's highest-paid actor. Sheen, who now stars in his new comedy Anger Management, doesn't make the new top 10.
Hugh Laurie comes in second and Ray Romano third, while Alec Baldwin (30 Rock), Tim Allen (Last Man Standing), The Big Bang Theory stars Jim Parsons and Johnny Galecki and Kutcher's co-star Jon Cryer also land in the top 10.
The TV titan walked away from her hit daily series in May 2011, after 25 years at the top and set up her OWN network, which has struggled to attract the same level of viewers.
However, that hasn't lost Winfrey her place atop Forbes magazine's highest paid women in Hollywood countdown - she earned $165 million (£103 million) between May 2011 and May 2012.
Comeback queen Britney Spears is at number two, with $58 million (£36.5 million), after signing up as a judge on The X Factor, while country singer Taylor Swift is in third place with $57 million (£35.6 million).
Other stars to make the list include Rihanna and Ellen DeGeneres (tied with $53 million/£33 million), and Lady Gaga and Jennifer Lopez (tied with $52 million/£32.5 million).
The Fight Club actor reveals the film industry's top stars, who used to be able to demand upwards of $10 million (£6.3 million) per picture, have been taking pay cuts because movie bosses are unable to hand over such large salaries any more.
He tells BBC Newsbeat, "That thing died. That arithmetic doesn't really work right now... that deal's not flying these days... A lot of the studios have been challenged because of the economic downturn as well so they've been betting on bigger, more tent pole (blockbusters) kinds of things."
However, Pitt believes the change is good for the movie industry, as it will allow more emerging talent to shine through.
He adds, "That opens up a vacuum for really interesting new filmmakers to come in, it's a really interesting time... You take the roles for the roles and you've just got to balance economics like everyone does."
Tom Cruise was recently named by Forbes magazine as Hollywood's best-paid actor, with estimated 2011-2012 earnings of $75 million (£46.9 million).
The media mogul has come out on top in the new Forbes magazine poll, just days after being listed as the 11th most powerful woman in the world in another survey from the same publication.
Winfrey's annual earnings from the year from May, 2011 to May, 2012 edged out filmmaker Bay, who scored second place with $160 million (£100 million) thanks to the success of the latest Transformers movie, Dark of the Moon, which grossed more than $1.1 billion worldwide.
Spielberg was a distant third with $130 million (£81.25 million), while Hollywood producer Jerry Bruckheimer ($115 million/£71.9 million) and rap mogul Dr. Dre ($110 million/£68.75 million) rounded out the top five.
Other big earners to make the Forbes countdown include director Tyler Perry and reality TV guru Simon Cowell, while the only other woman in the top 20 was Britney Spears, who placed 20th.
The three TV regulars - along with castmates Jesse Tyler Ferguson and Eric Stonestreet - claim their current longterm deals with executives at 20th Century Fox TV are in violation of California labour laws, which state personal service contracts can last no longer than seven years.
They are asking a judge to declare their prior agreements null and void, allowing them to renegotiate fresh contracts with increased salaries.
The main castmembers, who are said to have made $60,000 (£37,500) each per episode for season three, reportedly rejected TV producers' recent offer of $150,000 (£93,750) each per episode and they are seeking a considerable increase in pay. They are also asking for more freedom to take on non-Modern Family work, an option which is said to be seriously limited in their current contracts.
A planned table read for the first taping of the upcoming fourth season had to be cancelled on Tuesday (24Jul12) as a result of the legal wrangle. The lawsuits were filed in Los Angeles on Tuesday.
Co-star Ed O'Neill is not part of the action - he reportedly has his own deal in place, banking more than $100,000 (£62,500)-per-episode.
News of the salary dispute emerges days after Vergara was crowned the highest-paid actress on U.S. television by editors at Forbes magazine.
According to The Hollywood Reporter, the award-winning comedy generated $165 million (GBP103 million) in advertising revenue for ABC bosses last year (11).
The Modern Family star, who was recently crowned the highest-paid actress on U.S. television by editors at Forbes magazine, is adding to her resume by signing up to guest star as lead character Peter Griffin's fantasy love interest.
The Colombian stunner's episode will air during the upcoming 11th season, which is set to premiere on 30 September (12) and feature a number of surprise appearances by Johnny Depp, Ryan Reynolds and Twilight hunk Kellan Lutz.
Vergara is quickly becoming one of the most highly-sought after stars on TV - she will also voice the role of Tia Sofia during a hip-hop-themed episode of animated programme The Cleveland Show this autumn (12), according to EW.com.
Editors at Forbes magazine scoured the TV industry for the female celebrities with the biggest pay cheques and the Colombian-born stunner, who recently celebrated her 40th birthday with a new engagement ring, has come out on top, reportedly raking in $19 million (£11.8 million).
Vergara cashed in between May, 2011 and May, 2012 thanks to endorsement deals with Pepsi cola and CoverGirl cosmetics, and a clothing line with American retailer Kmart.
Coming in a close second was reality star Kim Kardashian with $18 million (£11.3 million), while former Desperate Housewives actress Eva Longoria landed a spot at number three with $15 million (£9.4 million) in total earnings.
Also making the list were 30 Rock's Tina Fey ($11 million/£6.9 million), Law & Order: Special Victims Unit veteran Mariska Hargitay ($10 million/£6.3 million), and New Girl star Zooey Deschanel ($9 million/£5.6 million).
The runway stunner poses topless as she strikes an over-the-shoulder pose for the cover of French fashion bible Vogue, wearing nothing but a pair of black bikini bottoms, and the 31 year old takes it all off for a black and white shot inside the magazine.
She's pictured lying face down on the sand, completely naked.
The images emerge less than a month after Bundchen was named the highest paid model in the world by Forbes magazine, banking a whopping $45 million (£28 million) in the period from May, 2011 to May, 2012.
Bundchen and her husband, U.S. sportsman Tom Brady, have yet to comment on the pregnancy stories.