Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
charly13243
New Member

Can anyone help? It seems I'm making a mistake when calculating tax bill.

taxable income = 75608.  Married Joint.

(75608-18650) x 15% + 1865 = 10408.7, wounds up to 10409.

Problem is, TurboTax is saying its 10411.  Where am I going wrong?  I know it's only $2 but it'll drive me crazy if I don't find out what's going on.  

Thank you.
1 Best answer

Accepted Solutions
AnthonyC
Level 7

Can anyone help? It seems I'm making a mistake when calculating tax bill.

It's because of the way we actually pay taxes - it's not a straight percentage calculation like you have performed.  We pay taxes based on a tax table that uses $50 increments.  You can use the link below to see that the tax liability for MFJ at the $75,600 - $75,650 income level results in a tax liability of $10,411.

See 2017 Tax Table

View solution in original post

2 Replies
AnthonyC
Level 7

Can anyone help? It seems I'm making a mistake when calculating tax bill.

It's because of the way we actually pay taxes - it's not a straight percentage calculation like you have performed.  We pay taxes based on a tax table that uses $50 increments.  You can use the link below to see that the tax liability for MFJ at the $75,600 - $75,650 income level results in a tax liability of $10,411.

See 2017 Tax Table

charly13243
New Member

Can anyone help? It seems I'm making a mistake when calculating tax bill.

Thank you.  I don't recall ever running into this before.
Dynamic AdsDynamic Ads
Privacy Settings
v