Is anyone noticing that their total tax doesn't add up when you multiply your taxable income with your effective tax rate?

I'm looking at the summary on my tax return and the taxable income times the effective tax rate should be what my total tax is, but it's not, it's not adding up right. Could this mean that there is an error and I should be getting more of a credit back?

1065

Level 15

Mar 1, 2024 5:59:14 PM

The tax on your taxable income is taken from the IRS tax tables depending on the type of income you have reported on your tax return.

Your taxable income is on Line 15 of the Form 1040 and the tax on the taxable income is on Line 16.

You can view your Form 1040 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

Level 15

Mar 1, 2024 8:58:35 PM

try doing the calculation on your gross income,

That's probably what 'effective rate' means.

@nliwanag1026

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Is anyone noticing that their total tax doesn't add up when you multiply your taxable income with your effective tax rate?