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Turbo Tax Basic Tax Rate Calculation Check
I entered several Income numbers on a W2 to compare TurboTax output to Smart Asset and an excel function I wrote. Smart Asset and my numbers always match, but TurboTax is off by some number of dollars.
Does anyone know why? I did a similar test last year and recall getting similar deviations. Didn't follow-up at that time.
One of the numbers is correct, the last one. It is a different tax rate though.
Income | Deduction | Turbo Tax | SmartAsset | My number |
89250 | 27700 | 6949 | 6946 | 6946 |
100000 | 27700 | 8239 | 8236 | 8236 |
120000 | 27700 | 10927 | 10921 | 10921 |
114450 | 27700 | 9973 | 9970 | 9970 |
114500 | 27700 | 9979 | 9976 | 9976 |
520000 | 27700 | 116094 | 116094 | 116094 |
Thanks,
Greg
March 5, 2024
4:14 PM