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relpc88
Returning Member

TT says total tax is 14k for my 56k income?!

The $8,864 you owe comes from the $14,186 of total tax on your return and your $128 penalty for not withholding enough tax all year, minus the $5,450 of tax you already paid.

 

Whats going on??

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4 Replies

TT says total tax is 14k for my 56k income?!

Did you have self-employment income?  That is subject to approx 15% SE tax, in addition to regular income tax.

relpc88
Returning Member

TT says total tax is 14k for my 56k income?!

no self-employment, I work for a health care organization

TT says total tax is 14k for my 56k income?!

regardless of whether the $56K is adjusted gross income or taxable income, without self-employment income your tax would be about $8000 if the $56k is taxable income or about $5500 is adjusted gross income and you are taking the standard deduction.  you need to review your return line by line and look for errors in data entry. 

put another way for your tax to be over $14K filing as single your taxable income would need to be about $83 to $84K -50% more than what you say. 

TT says total tax is 14k for my 56k income?!

recheck the entries on your W-2.  that is the best place to begin.  if you believe the income is correct ($56k), look closely at the federal withholdings in Box 2.

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