Should I have a Blended Tax Rate of 121%?

[peggymiller_1]

Last year my Blended Tax Rate was 10.1% with Taxable income of $904.00
This year my blended Tax Rate is 121% with a taxable income of $1434.00
On SS and Uber Driver.

[MonikaK1]

A blended tax rate, also known as the effective tax rate, is derived from a number of factors. The effective tax rate for individuals is the average rate at which their earned income, such as wages, and unearned income, such as stock dividends, are taxed. If you received income from a variety of things like stocks and bonds, interest, dividends, or self-employment, they may all play a role in determining your blended tax rate. See this thread for another discussion of this issue.

For Federal income taxes, the tax rate brackets for 2022 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. To see how the tax brackets apply to you for this year, and for a tool to determine your marginal (the highest part of your income) tax rate, see here.

You can preview your return before filing to find out how your taxes were calculated. See here for details.