If your 12% is the "effective" tax rate shown on one of the information forms...this is NOT your tax bracket, it is supposedly a somewhat handwaving/feel-good number related to your gross income, and not your "taxable" income.
So perhaps to get closer to the 12% "effective" value, try the following:
1)... you use your Gross income (AGI) and not your "taxable" income, as the divisor..
2) .......and you use your Federal income tax only as the numerator .... i.e. not including any Self employment taxes that might be added into your 50k of total taxes... as the numerator (also not including any penalties that might be added in )
That should be closer to the 12%...but may not exactly match for other subtle reasons.
3) Thus, look on your form 1040 and divide line 14 by line 8b... and see if that gets close to your 12% .
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
