How does Turbo tax compute line 16 (Tax due) from line 15 (Taxable income). I'm under the impression it uses a progressive algorithm based on the tax tables. Here's my specific question.
My line 15 is $98,849.
Here is the tax table:
| $0 | $11,600 | 10% | $1,160.00 |
| $11,601 | $47,150 | 12% | $4,265.88 |
| $47,151 | $100,525 | 22% | $11,373.56 |
| $100,526 | $191,950 | 24% | |
| $191,951 | $243,725 | 32% | |
| $243,726 | $609,350 | 35% | |
| $609,351 | $999,999.00 | 37% | |
| | | Tax | $16,799.44 |
The right most column is the amount taxed at each bracket. The last row is the final amount of tax owed.
Turbo Tax computes my tax due to be $15,696 (a difference of $1,103.44).
What am I missing?
Thank you.
