IRS tax tables shows less federal tax owed than turbotax calculation

[alex1057]

Turbotax calculated mu taxable income is around $76,850, and turbotax shows $14,991 in federal taxes that seemed much higher than I expected.  I checked IRS 2021 tax tables and it shows $12,661 for single filer with taxable income of $76,850.  Why the difference???

[mesquitebean]

Did you happen to have foreign earned income and used the FEI exclusion?

[alex1057]

No Foreign income.  My taxes are pretty straight forward.

[mesquitebean]

Any self-employment income and thus SE tax?   i.e., is there anything on your Form 1040, Line 23 and anything on Schedule 2?

[alex1057]

No self employment income.  just 1099-R income and social security.

[mesquitebean · Accepted solution]

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@ alex1057 wrote:

No self employment income.  just 1099-R income and social security.

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What line is the $14,991 on?   Is that Line 16 of your Form 1040?

Are you using Online TurboTax or desktop software (CD/download)?

[alex1057]

I had to go to preview to figure that out.  Line 16 shows correct tax amount.  line 17 shows extra tax from schedule 2 line 3.  That is the difference.  Thanks!

[mesquitebean]

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@alex1057 wrote:

I had to go to preview to figure that out.  Line 16 shows correct tax amount.  line 17 shows extra tax from schedule 2 line 3.  That is the difference.  Thanks!

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Schedule 2, Line 3 is the total of any Alternative Minimum Tax (AMT), if applicable, and any repayment of excess advanced premium tax credit.  

You're welcome.  Good luck.

[joeleemc]

Where can I find the SS Tax that is deducted my Income

[DoninGA]

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@joeleemc wrote:

Where can I find the SS Tax that is deducted my Income

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If you are referring to the taxable portion of the Social Security benefits you received that is on your 2021 federal tax return Form 1040 on Line 6b. 

Or if you are referring to the Social Security taxes you paid on your wages that is on the W-2 you received from your employer in box 4.

[NCperson]

@alex1057 and what is on your W-2 (box 4) is NOT a deduction anywhere on your tax return,. 

[joeleemc]

I need the Handbook from IRS that gives a breakdown of Taxis Paid to employees.

[VolvoGirl]

Here are some links I found for you.  Employee Expenses  See IRS Pub 535 page 7
https://www.irs.gov/pub/irs-pdf/p535.pdf

IRS Pub 15 Employer Tax Guide
https://www.irs.gov/pub/irs-pdf/p15.pdf

Pub 15A https://www.irs.gov/pub/irs-pdf/p15a.pdf
Pub 15B https://www.irs.gov/pub/irs-pdf/p15b.pdf
Pub 15T Withholding Methods https://www.irs.gov/pub/irs-pdf/p15t.pdf

[VolvoGirl]

Or do you want to know how much your employer takes out for Social Security?  You pay 6.2% SS tax (W2 box 4) on the SS wages (W2 box 3) and 1.45% for Medicare Tax in W2 boxes 5&6.  For 2021 the max for Social Security is $8,853.60 on $142,800 of wages.