How do I calculate the total gift tax for money given for Part II- Tax Computation, Line 4 on the form 709?
I gifted $56,158.11 in 2024 and the annual exclusion was $18,000. So $56,158.11-18,000=$38,158. Using the Table for Computing the Gift Tax, do I multiply $38,158 * 0.22 to get the total gift tax?
I have not gifted in the past. Any help is appreciated! Thank you.