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How is the "tax you're supposed to pay" calculated?
I have a total income of $88,422, minus the $24,000 standard deduction, minus $164 Qualified business income deduction. This means I have a taxable income of $64,196. When I look this up in the 2018 1040 Tax Table, it says my tax is $7,320. TurboTax is telling me my tax is $7,444, using all the same inputs as above. Why the difference?
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‎June 4, 2019
4:07 PM