Thanks rjs!
The $2,246 I mentioned for dividends is all 'qualified' dividends (and calculated at the 15% rate given our income). The only capital gains was the $35 I mentioned, which would be a long-term gain.
Given our various income (found in my first message), I calculated our total Federal Taxable Income in the table below...
| TOTAL FEDERAL INCOME | $205,679 |
| STANDARD DEDUCTION | -$29,200 |
| QBI (qualified business income) DEDUCTION | -$14,751 |
| Half of Self-Employ taxes DEDUCTION | -$6,610 |
| Dividend INCOME + LTerm Capital Gains INCOME | -$2,281 |
| TOTAL Fed. Taxable INCOME for Marg Tax Brackets | =$152,836 |
Then taking that number and calculating our tax using the marginal tax brackets + separately calculated tax from Dividends and LTerm Capital Gains...
| 2024 Federal Taxes --- Married filing jointly |
| Tax rate | on taxable income from . . . | up to . . . | Amt of Income taxed in this bracket | Tax
assessed |
| 10% | $0 | $11,000 | $11,000 | $1,100 |
| 12% | $11,001 | $44,725 | $33,725 | $4,047 |
| 22% | $44,726 | $152,837 | $108,112 | $23,785 |
| | | | $152,837 | $28,932 |
TOTAL FED. TAX (CALCULATED) = $29,274
TOTAL FED. TAX (SOFTWARE) = $24,039
(Self-Employment Tax calculated separately and not needed here)
As you can see, our dividends and capital gains don't amount to very much. And so, I'm just trying to track down where in the calculation I may have went astray (or if there's something I'm not considering).
