So on the original question, the tax on $234,000 is wrong.
This amount falls between $150k and $250k. The tax on the first $150k is $38,800.
The tax on the next $100k is 32% or $32,000. So the actual total tax is $70,800.
Also, line 7 part 2 is not $12,060,000. You actually have to enter the tax on that amount.
Using the same table: tax on the first $1 million is $345,800.
Tax on the next $11,060,000 is 40% or $4,424,000. So the actual total tax is $4,769,800. This is the magic number mentioned in the instructions for Line 7. This amount is actually a credit you do not have to pay.
Think of it as your max credit. The amount of $70,800 will reduce your credit for the next year. If you consume all your credits you have to pay taxes. That also means you have given more than $12,060,000.
