Question
$713 in Taxes on only $5566 Taxable Income?
So, Turbo Tax says my daughters taxable income is $5566 and I owe $713 in taxes = 12.8% tax rate.
Best I can tell, the tax rate for this low of income is 10% so I'd expect to pay $55.66 in taxes but Turbo Tax says I owe $713? What's up with this? Some of this income came from regular income, some came from Short Term stock gains & 1099 Dividends but all that is all lumped into regular income as far as I know so that shouldn't account for the apparently too high tax rate? Thanks for help before I file!
