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Get your taxes done using TurboTax
what tax bracket table are you using? if you are married - separate, $118,000 would put you in the 24% tax bracket and your calculations are only using 22%, so something is wrong off the get-go.
How are you figuring the amount to subtract?
24% * 118298 = $28,392 LESS
.02 * $45,200 = $904 LESS
.12 * $30250 = $3,630 LESS
.14 * 9875 = $1383 EQUALS
$22475 (and TT gets $22471, so I have rounding errors somewhere - close enough)
the bolded numbers sum to $5917- how did you get $8460?
also, what year are you looking at? you mention the marginal rate of $84,200 but that is from the 2019 tax brackets, which will be another source of variation.
March 28, 2021
3:31 AM