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Get your taxes done using TurboTax
Try not to confuse marginal tax bracket (15%) with "Effective" tax rate.
The 15% Marginal tax bracket is the tax applied to the highest part of your "taxable Income"....i.e. after all your deductions and exemptions are applied.
The Effective tax number is just supposed to be a TTX-supplied feel-good, hand-waving calculation, that show's (approximately) the % resulting from the total taxes you were assessed/divided by ALL your income (before deductions or exemptions were subtracted).
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎April 28, 2021
10:50 AM
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