A rounding error of $1 may be acceptable, but these are in the range of $3-6. Turbo Tax tax calculation is yielding a higher amount of tax people owe. I would think you would want to investigate a bit. Here is yet a 3rd example of calculations which are the same as Smart Asset and my other formula. These are done purely in Excel.
| | | Income | 89250 | 100000 | 120000 | 114450 | 114500 | 520000 |
| | | Deduction | 27700 | 27700 | 27700 | 27700 | 27700 | 27700 |
| Married Filing Jointly | Taxable Income | 61550 | 72300 | 92300 | 86750 | 86800 | 492300 |
| 22000 | 10% | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 89450 | 12% | 2200 | 6946 | 8236 | 0 | 9970 | 9976 | 0 |
| 190750 | 22% | 10294 | 0 | 0 | 10921 | 0 | 0 | 0 |
| 364200 | 24% | 32580 | 0 | 0 | 0 | 0 | 0 | 0 |
| 462500 | 32% | 74208 | 0 | 0 | 0 | 0 | 0 | 0 |
| 693750 | 35% | 105664 | 0 | 0 | 0 | 0 | 0 | 116094 |
| | 37% | 186601.5 | 0 | 0 | 0 | 0 | 0 | 0 |
| | | Tax Total | 6946 | 8236 | 10921 | 9970 | 9976 | 116094 |
| | | Turbo Tax Tax Total | 6949 | 8239 | 10927 | 9973 | 9979 | 116094 |
| | | Turbo Tax Over Tax Calc | $ 3.00 | $ 3.00 | $ 6.00 | $ 3.00 | $ 3.00 | $ - |
Thanks for having someone check the Turbo Tax Algorithm which appears to be off in certain Tax percentages.
Happy to send the Excel to someone who will look into it.
