tax amount seems wrong

[user17725019164]

based on turbo tax, my taxable income is112,000

however turbo tax use 4960 for the amount of tax i have to pay (joined file)

the tax amount is totally incorrect, way too low

can someone help me to understand why?

[MindyB]

It depends.  it is likely that this is the result of how different types of income are taxed or credits. 

Even with a taxable income of $112,000, your final tax liability could be lower than expected if a large portion of your income comes is long-term capital gains or qualified dividends. These types of income have a favorable rate, which you can find here.

Another possibility is that you have tax credits, such as the Child Tax Credit or credits for energy-efficient home improvements and electric vehicles. These credits reduce the amount you owe dollar-for-dollar after the initial tax is calculated. For example, if you have one child, that would reduce your tax by $2,200.

You can check how the tax was computed by reviewing your 1040, in TurboTax Online navigate to Tax Tools on the left of your screen, choose Tools, then View Tax Summary. On the left of the screen, select Preview my 1040.