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New Member
posted Jan 22, 2020 6:06:52 PM

I believe there is an issue with the current tax prep program regarding the tax rate for soc security tax withheld?

0 3 456
1 Best answer
Expert Alumni
Apr 6, 2023 8:20:09 PM

You can view the Form 1040/1040SR Worksheet (not the actual Form 1040) to see what worksheets are used to calculate your tax on Line 16.   Scroll down to Tax Smart Worksheet and find what line the X is on.   That will tell you whether to use the tax table to look up the amount on Line 15 - - or if you need to look at an alternative worksheet.   Some income is taxed at different rates.    In the example below, you would need to refer to the Qualified Dividends and Capital Gain Tax Worksheet.    @MichelleLiuTorbo1 

 

3 Replies
Expert Alumni
Jan 22, 2020 8:46:47 PM

What issue are you experiencing? Please advise specifics. 

New Member
Apr 6, 2023 8:01:46 PM

I found a tax rate issue which may not be the same one as mentioned above. This issue is Form 1040, line 16. If you look at the worksheet for tax rate, it calculates $313 tax when taxable income is $75,544. This could happen when line 17 has a number of $7947.  Line 16 tax should be $8,652. Wonder how $313 is calculate.

Expert Alumni
Apr 6, 2023 8:20:09 PM

You can view the Form 1040/1040SR Worksheet (not the actual Form 1040) to see what worksheets are used to calculate your tax on Line 16.   Scroll down to Tax Smart Worksheet and find what line the X is on.   That will tell you whether to use the tax table to look up the amount on Line 15 - - or if you need to look at an alternative worksheet.   Some income is taxed at different rates.    In the example below, you would need to refer to the Qualified Dividends and Capital Gain Tax Worksheet.    @MichelleLiuTorbo1