The calculation of effective tax rate is not correct (way low). Effective tax rate is a simple calculation ((Total Tax / Taxable Income) x 100%). Some sources compute it based on AGI, so I'll show both. In either case, TurboTax's result doesn't line up with either.
TurboTax shows an Effective Tax Rate of 5.41% when my Total Tax is $23,282 and Taxable Income is $73,925. The correct result is 31.49%.
If using AGI ($137,370) as the denominator instead, the result is 16.95%.
What numbers does TurboTax use to calculate Effective Tax Rate? I can't figure it out and the discrepancy makes me a bit concerned about the overall integrity of the product.