received my refund but had to submit amended return. I added only $9,400 to income but the tax rate was $2,470. Doesn't make sense. Waiting to send in amended until I get answers.
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When you increase taxable income, the increase of tax liability is not a straight forward calculation as many other income-related credits or deductions will change and affect your tax liability.
One possible change is that your increased income may lower (or totally eliminate) your Earned income credit.
Not sure I understand. I took std deduction, was at 99K taxable and went to 108K taxable. Was at 8.7K tax to 11.2K tax.
If you are filing Single or Married filing separately your highest tax rate is 24%. When you add income on top of your previously filed income you just pay 24% of the added income in additional tax.
In addition to that, the extra income may have changed your ability to claim certain credits or deductions.
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