I was reviewing a 1040 and got confused when looking over the numbers entered into the 1040 from Turbo Tax concerning tax rates. Are the rates that Turbo Tax lists on my online summary/on the 1040 an estimated/rounded percentage?
In my Turbo Tax summary, it lists the blended tax rate as 11.5% and then on the actual return, Turbo Tax writes the effective rate is 8.57%. If total gross income is $57,801.13 and tax withheld was $4968.06 (with standard deductions 14,600 and no credits), then all my math is coming to $4953.56 as my total tax liability owed. But TurboTax is listing $9555 as my total tax owed - how are they calculating this number? (Even If you calculate the total taxable income (subtract the standard deduction) and multiply by the other blended 11.5% rate they showed it’s a totally different number ($4968).
im confused how a turbo Tax is totaling these tax rates and I’m not sure what is correct on my 1040.
