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Level 1
March 18, 2020
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Tax calculation

  • March 18, 2020
  • 1 reply
  • 6 views

For 2019, my Taxable income is $304,416, so I'm in the MFJ 24% bracket. Based on the 2019 Federal tax table, the tax I should pay is $28,765+ ($304,416-$168,400)*24% = $61,359. TurboTax Premier computed my tax at $62,312. Why the difference of $962?

    Best answer by JulieS

    Since the amount calculated by TurboTax is a little higher, I suspect it is due to an additional tax. You can check Schedule 2 for any additional taxes. The most likely tax is the additional Medicare tax on line 8 of Schedule 2.

    1 reply

    JulieSAnswer
    Level 15
    March 18, 2020

    Since the amount calculated by TurboTax is a little higher, I suspect it is due to an additional tax. You can check Schedule 2 for any additional taxes. The most likely tax is the additional Medicare tax on line 8 of Schedule 2.

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