Taxes Owed Calculation

Forum|Forum|3 years ago
April 2, 2023
2 replies
16 views

My 2023 taxable income was $95,800. For a single filer, Turbo Tax calculated taxes owed were $27,913, where as the IRS Tax Tables indicate taxes owed of $17.427.

SteamTrain

Level 15

IF any of that income was for Self-Employed $$, then the total tax may include the SS and Medicare taxes you owe too.

____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*

Monikak11

Level 2

The tax rate brackets for Federal income taxes for 2022 are 10%, 12%, 22%, 24%, 32%, 35%, and 37%. To see how the tax brackets apply to you for this year and for a tool to determine your marginal (the highest part of your income) tax rate, see here.

Also, note that taxes are often calculated using a different method than the tax tables. For example, if you have capital gains, the tax on those is calculated at the capital gain rate for your income level. If you are self-employed, you may have self-employment taxes in addition to income taxes. as SteamTrain mentioned above.

In addition, this year, several tax credits have been lowered to amounts before the coronavirus pandemic—or eliminated entirely. This includes the Child Tax Credit, the Child and Dependent Care Credit, and more. Check if these changes affected your net tax.

Double-check your entries for income, taxes paid, and deductions to confirm they are correct. Compare the individual line items with last year's return as well, if applicable.

You can preview your return before filing to find out how your taxes were calculated. See here for details.

@kelly54