Greetings,
My wife and I are filing jointly, but I did not make any income. I finished school and am writing a book, so no income from me.
Her taxable income came out to $50,571, but TT says we owe $8630, federally.
However, according to the tax bracket site:
| If taxable income is over: | but not over: | the tax is: |
| $20,550 | $83,550 | $2,055 plus 12% of the amount over $20,550 |
My math is: $50,571-$20,550=$30,021, then multiply by 0.12 = $3,602.52. Add $2055=$5,657.52
That's a difference of $8,630 (what TT says I owe) - $5,657.52 (tax bracket calculations) =$2,972.48 difference NOT in my favor.
We don't really have investments, or income from any other source. I don't know what I am missing!
Thanks for any assistance!
-Colin
