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Level 4

Question

wrong TAX calculation?

Forum|Forum|4 years ago
April 8, 2022
2 replies
9 views

Hi, i am MFJ with taxable income $82000. I am supposed to pay 10% on part <$19900, 12% on $19901 - $81050, and 22% on part over $81050 according to TAX bracket. which is around $9530. however TT calculated my TAX is $19000. why is that ?

Level 15

You need to look at your actual federal tax return Form 1040.

The taxes on your taxable income on Line 15 is reported on Line 16.

You can have other taxes owed such as Self-Employment taxes on the net profit from Self-Employment. Or a tax liability from the early withdrawal from a retirement account.

Review Lines 17 thru 23 for other taxes. Your Total Taxes are shown on Line 24.

Using the desktop editions click on Forms. When in Forms mode open your Form 1040, Schedule 2 and Schedule 3.

Using the online editions -

You can view your Form 1040 at any time using the online editions. Click on Tax Tools on the left side of the online program screen. Click on Tools. Click on View Tax Summary. Click on Preview my 1040 on the left side of the screen.

zymppAuthor

Level 4

i am looking at 1040form, line 15 is $82000, line 16 is $19000. I am not self employed. but part of my income is foreign income and I've done foreign income exclusion.

zymppAuthor

Level 4

continue: line 16 is calculated base on line 15 right? if my line 15 is $82000, my line 16 should be $9532, but my 1040 line 16 is $19000.

Alumni - Intuit

Are you self employed? The self-employment tax rate is 15.3%. The rate consists of two parts: 12.4% for social security and 2.9% for Medicare.

Self-employed individuals generally must pay self-employment tax (SE tax) as well as income tax.

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