The tax rate TurboTax provides is your Effective Tax Rate.
As you stated, Marginal Tax is the rate of your last taxable dollar, but your Effective Rate is more an "average rate" you paid on all your taxable dollars.
The Effective Rate is loosely based on Total Tax divided by Taxable Income, there is no one specific calculation, and certain credits and income are not included. The effective rate gives you a good idea on how much tax is paid on each earned dollar.
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