Solved: Why is my tax rate 8.36%?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Why is my tax rate 8.36%?

 
1 Best answer

Accepted Solutions
New Member

Why is my tax rate 8.36%?

That is your effective tax rate after accounting for credits and deductions.

View solution in original post

3 Replies
New Member

Why is my tax rate 8.36%?

That is your effective tax rate after accounting for credits and deductions.

View solution in original post

New Member

Why is my tax rate 8.36%?

In doing calculations, that is not. It only adds up as the tax rate on the gross.
New Member

Why is my tax rate 8.36%?

Yes, that's right. It's based off of your gross income. That's why it's effective tax rate. Your bracket is higher, but this is what you really pay. The reason you only pay this percentage on gross is deductions and credits.
Dynamic Ads
v
Privacy Settings