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Get your taxes done using TurboTax
Correct.....for the situation you describe, you must use the tax tables.
But, for the entire $50 taxable income range, the tax is the same....no recalcs required.
Can you imagine the chaos that would result if the IRS allowed everyone to calculate their tax using the various marginal rates....millions of folks are simply unable to do the math properly and would get it wrong. Tables simplify it....at least until Cap Gains and Qualified Dividends get involved.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎January 5, 2025
4:34 AM