Without seeing your tax return, we cannot comment on your specific calculation. However, for 2024, there are seven income tax brackets ranging from 10% to 37%. Different ranges of income are subject to different rates under the U.S. progressive tax system. Additionally, some types of income are subject to alternative tax rates, such as qualified dividends and long-term capital gains. Self-employment taxes are also included in the calculation for the blended tax rate.
Review your 1040. The dollar amount reported on line 15 is your taxable income, and this will be the amount upon which your tax is calculated. The initial tax amount will appear at the top of the second page on line 16 (prior to any credits or payments). This is the dollar amount calculated using the tax structure. Additionally, review your return to determine if you are being assessed self-employment tax. This will affect your calculation. More information can be found in the link below.
What are the federal tax rates for 2024?
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