By Dr. James M. Dahle, WCI Founder
Understanding how your income is taxed and how the tax brackets work will aid your tax planning and make for more informed, reasonable discussions of tax policy. Now with 2023 right around the corner and with inflation still near 40-year highs, let's take a look at the new tax brackets and see how best you can plan for the new year.
Tax Brackets for 2023
For context, here were the tax brackets for 2022, via the IRS and The College Investor:
Here's how that will change for 2023. Thanks to inflation, these increases (of about 7%) are huge.
The standard deduction has also been raised for 2023. Here's what it was in 2022.
And here's what it'll be for 2023.
So, it's a big increase for both the tax bracket limits and the standard deductions, similar to how much the 2023 retirement contribution limits increased. Normally, the increases are slight from year to year, but because of inflation, it's much larger than normal. This means, unless you're an extremely high earner, you could be in a lower tax bracket in 2023 (and, thus, pay less in federal taxes).
People Don't Understand How Tax Brackets Work
One of the most interesting phenomena I've noticed over the years is that most people don't actually understand how tax brackets work, and they routinely overestimate how much they pay in taxes. For example, I put up a few Twitter polls a couple of years ago discussing tax brackets. Take a look:
Keep in mind, these are not opinion questions.
These questions actually have correct answers that can be easily calculated and, frankly, given how far apart the answers are from each other, pretty easily estimated. It's like asking “Is China closer to Vietnam, Switzerland, Cuba, or Tonga?” Yet only 27%-30% of people got the answers right. Sheer random chance would allow 25% of them to get it right. But what is more interesting is that 61%-73% of respondents OVERestimated the tax burden.
Why People Don't Get Tax Brackets
There are a few reasons why people can't answer those questions right. Well, not everyone. Rick Ferri was very proud to nail all three.
But most people couldn't estimate the right answer to the questions. I think I know why.
#1 People Don't Understand the Difference Between Marginal Tax Rates and Effective Tax Rates
Remember that your marginal tax rate, or tax bracket, is the rate at which your next dollar earned will be taxed. Your effective tax rate is the total tax paid divided by your total income. Your effective tax rate is always less than your marginal tax rate. Perhaps this is best illustrated by demonstrating how to come up with the right answer to the question.
If a married couple earns $100,000 in 2023 and takes no deductions besides the standard deduction, how much will they pay in federal income tax?
First, they subtract out the standard deduction of $27,700. That leaves $72,300. The first $22,000 is taxed at 10%, generating $2,200 in tax. That leaves $72,300 – $22,000 = $50,300. That $50,300 all falls within the 12% tax bracket and so is all taxed at 12%. $50,300 x 12% = $6,036. $2,200 + $6,036 = $8,236. $8,236/$100,000 = 8.23%. The numbers were different in 2022 when I last did this example (8.5% instead of 8.23% with owed taxes of $8,481 instead of $8,236), because of the new tax bracket limits. But you get my point.
There are two key points here. The first is that there is a 0% bracket. Some of your income is not taxed at all. That might be the standard deduction. It might be itemized deductions. There might be some above-the-line deductions. Whatever. But anything you get a deduction for isn't taxed at all. It's in the “0% bracket.” Some critics on Twitter started listing all these other deductions that could be taken. However, all of those would have LOWERED the tax due. This is, in essence, the MAXIMUM tax paid on that income, not the minimum. So most people still overestimated the tax due, even though I used the maximum tax possible in this situation.
The second is simply that being in the 12% bracket does not mean you pay 12% in taxes. You only pay taxes on the money in that bracket. You fill the brackets as you go. Otherwise, you would have paid $12,000 in taxes instead of $8,236. So if you knew someone making $100,000 was in the 12% bracket, you should know that the answer to the question MUST be less than 12%. There is no reason whatsoever to guess a number higher than that.
#2 People Don't Understand the Difference Between Taxes Withheld and Taxes Paid
Most people are employees. They don't actually calculate how much tax they owe and send it to the IRS each quarter like business owners do. It is just pulled out of their paycheck by their employer before they get it. The newer withholding tables are more accurate than the older ones, but most employees still have more withheld than they actually owe. That's why they get these huge tax refunds every spring. That is another phenomenon I find interesting—just how bizarrely happy people are to loan money interest-free to their government. But I think it contributes to the idea that people think they pay a lot more in taxes than they do.
#3 People Don't Know What Federal Income Tax Is
There are also a lot of people who don't know the difference between all of the taxes we pay. Don't get me wrong: there are a lot of taxes. There are state and local income taxes. There are payroll taxes like Social Security tax, Medicare tax, one of the two types of Patient Protection and Affordable Care Act (PPACA) taxes, and unemployment tax. There are sales taxes and property taxes and gas taxes and inheritance taxes and estate taxes. I guess it should be no surprise that people cannot tell them apart. Several of these are also withheld from their paychecks (the state and local income taxes and payroll taxes like Social Security taxes, Medicare taxes, and one of the two PPACA taxes). In fact, some of those payroll taxes (and the other PPACA tax) even show up on their federal income tax return, further confusing the situation.
Most people DO pay significantly more than 8.23% of a $100,000 income in taxes but not in federal income taxes. The federal income tax is quite progressive (44% of people pay no federal income tax at all while others have marginal tax rates as high as 37%). However, there are other taxes that are not progressive. My state income tax in Utah is a flat tax, at least once you get past the deductions. Medicare tax is a flat tax—2.9% on all wage income, half from the employer and half from the employee. Social Security tax is also flat—12.4% on all wage income, half from the employer and half from the employee (but only up to an income of $147,000 in 2022 and $160,200 in 2023). After that, it goes to 0% (at least for the employee), thus becoming a regressive tax at upper incomes.
At any rate, people may not realize that the federal tax brackets only apply to federal income tax.
#4 People Think Everything Taken Out of Their Paycheck Is Tax
Even worse, some people just assume everything taken out of their paycheck before they get it is a tax. Including their retirement account contributions, their share of any life or health insurance premiums, or even court-ordered child support. Sorry, those are good things to pay, but they're not taxes, much less federal income taxes.
I think it is important to understand how our taxes, especially the largest one for most of us—the federal income tax—work. Knowing how they work will help you to better manage your own finances and to actually have intelligent discussions with others about government and tax policies.
What do you think? Why do you suppose most people couldn't answer the questions above correctly? Why is the tax code so mysterious to US citizens? Comment below!
[This updated post was originally published in 2020.]
I have often read online people saying things like if they got a raise they’ll end up paying much more than just what the raise was worth because they’ll be in a new tax bracket. It’s also interesting to see people’s eyes glaze over when you explain the tax brackets to them. These days I just agree with them and let it be.
It takes time to research and understand the tax code. When working, I understood how to build wealth, however I hired a CPA to keep me safe. I think most individuals get very discouraged at not so much paying taxes, it’s how the spending from the government is a mystery. We don’t trust the government.
Trust in the government generally varies by where you land on the political spectrum. Really the biggest difference between the two parties–one believes in a bigger government that does more and one believes in a smaller government that does less.
I would clarify your comment to say one thinks big government should tell us how to live and think and the other would prefer to live in freedom.
Hmmm….I wonder which side of the political spectrum YOU fall on? 🙂
Hey this thread is over 12 months old!
Glad to see a recent post.
Thank God we are still under the Trump tax cuts as we go into 2022.
This promises to be a disastrous year for the country.
The political spectrum? Ha, it is 3 dimensional with an x, y, and z axes
Nationalist (not a bad word anymore) vs Globalist.
Libertarian vs Fascist.
Money printer vs. shrink Govt. now.
Uh, your 3 axes are pretty crap. Libertarian vs fascist? Please. Those are not the two ends of the political spectrum. Likewise for “money-printer vs shrink govt now.” But at least I know where you fall…
The truth of the matter is , it’s just easier to pay more than owe. Most Americans can’t save and don’t play around that. It’s just easier to pay the higher rate and get that check in the spring. Its safer as well since sometimes you never know what the government is going to do with taxes.
Great post.
Mike Piper has written a very easy to understand and short paperback book on taxes.
I hear a bunch of nurses say “I quit going overtime because it bumped me to a new bracket and all my extra money went toward taxes.”
I’m sorry, but not even Bernie Sanders has advocated for a 100% tax bracket.
I hear that a lot, the sentiment holds true for me in a two doctor household where I work part time. It’s not that ALL the money goes to taxes, it’s that by the time you figure in the new tax bracket , the hourly wage to are now getting for those extra hours worked may NOT be worth working. ( some people would rather enjoy the R and R, hobbies etc, for the rate at which the overtime is paid)
On top of taxes there is a lot of pseudo-taxes which makes not worthwhile for some employees to work more.
Like health insurance premium “tax”, dental insurance premium “tax”, extra Medicare tax .
One year I had 46% subtracted from my salary on compulsory fees and taxes
If you want to use health care you are bombarded with large bills for co-insurance and deductibles, which is another pseudo-tax on middle class.
Then we have 44% of society living of another 56 percent. Some of this 56% are non-productive trades like judges, lawyers, administration, police, military etc.
You can’t turn down health insurance? And you consider co-insurance/deductibles a tax? And you think a lawyer is non-productive but a doc is not? Interesting.
I wish tax returns had a page that calculated effective tax rates that take everything into account. It wouldn’t be so hard to add this.
Any opinions here if the Federal tax cut and jobs act actually achieved its stated goal of simplifying our tax code?
Most tax software will spit out an effective tax rate on a summary page, but that isn’t a form that gets filed with the IRS.
My thoughts on the TCJA and “tax simplification”:
https://www.whitecoatinvestor.com/what-doctors-need-to-know-about-the-tax-cuts-and-jobs-act/
this is such a relevant topic that a lot of the confusion might cease to exist if we explained this stuff to high schoolers in some economics class or something. Many of them work jobs and then get their first experience of what they lose in their paycheck to taxes and they are usually very upset about how much they think they lose. Simply explaining the above would show them that within a year, they really don’t lose that much.
Number 3 is the key. I don’t think people care whether it is some fee that supposedly goes to Medicare or social security (those funds have been raided for federal use anyway). Plus a 3.8% net investment income tax, and the additional Medicare fee of .9% for the “rich”. AMT which removes a ton of deductions.
I know what I pay in total taxes and it is way more than I used to. The government really needs to be more frugal with other peoples money. The problem with our country’s balance sheet is with spending, not with not getting enough income. I can’t imagine the effect of Bidens plans to increase taxation on my bottom line. I suspect the number of wealthy people renouncing their citizenship will spike again.
Forgive the ignorance, but will the Biden tax increases not impact 2021 or do those tax increases have to wait until 2022?
First of all, remember that the president doesn’t change the tax code, Congress does.
Second, remember that proposed tax law changes are always VERY different from actual tax law changes. Just because president-elect Biden says he would like to raise some taxes, does not mean that any potential tax law changes even resemble the proposals.
Third, as a general rule, tax law changes don’t take effect until the next year, but occasionally they are made retroactively. Which drives the IRS staff and accountants nuts.
Tax law, Congress and the President… seems like it could be a future blog post.
That’s a technicality. Certainly the President can tell Congress what he wants in a tax bill, they write it, vote on it and he signs it into law. Often it’s the push from the White House that causes legislation, aides write it and send to Congress.
And often, someone like John McCain or Joe Manchin demonstrates that there really are three branches of government, each with their own role.
Hey this thread is over 12 months old!
Glad to see a recent post.
Thank God we are still under the Trump tax cuts as we go into 2022.
This promises to be a disastrous year for the country.
The political spectrum? Ha, it is 3 dimensional with an x, y, and z axes
Nationalist (not a bad word anymore) vs Globalist.
Libertarian vs Fascist.
Money printer vs. shrink Govt. now.
what is for people working in 2 states but living in 1 state, Do they have to file taxes in both states?.
Depends on state law, but in general, yes, you file taxes in both states but no income is taxed twice because one state offers a credit for what is paid in the other state.
You may not pay double, but you can definitely pay more.
I live in NJ and I know many people who work in NYC. If you live and work in NJ (or in NYS but outside of NYC), there is just state and federal income tax. Most little towns and cities do not collect an income tax. But NYC does. So even though I live in NJ, I have to pay city income tax on my earnings made in NYC.
So all things being equal, if I can get a job in NJ or a job in NYC and the commute to both potential jobs is standardized (in this example) to take all driving costs and tolls into account and so everything is equal, and the income is equal at both positions, I will pay more tax for the NYC job than I would for the same job in NJ (or in NYS, but outside of NYC).
But this really has nothing to do with 2 states. The same situation exists if you choose between otherwise equivalent jobs in NYC or on Long Island, for instance.
When I worked as an employee W2 and also worked as an independent contractor 1099 same year.
How does that work out?
Can you be more specific? Otherwise I’m guessing at what you’re asking.
If your employer doesn’t withhold enough from your W-2 pay to cover both of your income sources, you’ll need to make quarterly estimated payments.
This year was the first year I considered drawing money from my 401k. I’m retired but my retirement stock funds were linked to my work. So retiring from disability when I turned 59 1/2 there would be no penalty for withdraw. But a withdraw from my 401k is taxes because my contributions were not taxed going in. I can no longer put money in my account so I just leave it there. However, I researched and wrote up many dollar amount withdraw possibilities and learned so much how Social Security was affected by adding stock money to my income. If you have retirement pension as well as social security you may already pay SS taxes. The 50% up to 85% taxing on Social security – please read and understand how that work. You are not losing 50% if at that level, Social Security. Read about it and then use handy Social security calculators that allow you to do your federal taxes and see where you stand. And check your state, I’m in Indiana and the state doesn’t tax Social Security, but there are some states that do. You’ll be glad to learn this info. I know I did.
If your income is still in the SS phaseout range it can certainly get very complicated. But that range is pretty low. I hope most of my readers aren’t having to deal with it. I think that phaseout is complete at $34K in taxable income ($44K MFJ).
https://www.dontmesswithtaxes.com/2020/10/social-security-2021-cola-benefits-hike-taxable-retiree-income.html
Don’t those of us over 65 get an additional tax deduction?
Just a bigger standard deduction. It’s $1,650 higher than it otherwise would be. But that only applies if you don’t itemize.
In your discussion of marginal tax rates, you should acknowledge the effect of the phase out of the 0% (to 15%) capital gains/qual div rate, and the higher income phase out of the 15% (to 20%) capital gains/ qual div rate. They increase your effective marginal tax rate on ordinary income by 15% and 5% respectively for significant income bands.
Also the 2.8% health care marginal tax doesn’t go on forever, ends after all you investment income has been taxed the 2.8%.
Ran into these effects evaluating the marginal tax rates on my Roth conversions.
How long did you want the post to be? 🙂 There are LOTS of things I could have talked about.
More on phaseouts here, but it probably needs updated: https://www.whitecoatinvestor.com/taxes/phase-outs/
The 3.8% PPACA tax applies only to investment income. On earned income, it is 0.9%.
Best way to get true marginal rates in your situation is tax software.
There is little penalty for overestimating taxes, but huge penalties for underestimating taxes. For many of us, we really will not know how much we owe until the year ends and the final 1099s, W2s, and such are issued. Why would you expect any outcome other than over estimating. I understand that we can make estimates based on last year’s income to make ourselves penalty proof, but we all understand that we do not want to be drawing the attention of the IRS if we do not have to do so. We are intimated by our IRS, and over estimating taxes to some extent is safer than under estimating. I prefer a tax refund / credit to a penalty, even if I am forced to lend the government some money for a while.
To each their own. I’m not intimidated nor do I prefer a tax refund to paying in April so long as there is no penalty. I do prefer a small refund to a penalty though if I have to choose between them. The pre-tax opportunity cost on a large refund I had last year was probably close to $40K. You can pay a pretty large penalty for that. Opportunity cost is real.
I like to adjust my withholding so that I pay around $1000 a year at tax time. Generally I recalculate my withholding each year when I see I have stopped paying into FICA (the IRS website has a calculator for this). If I screw up, I get a refund of a few hundred dollars. Never had to pay a penalty, which generally has only kicked in if you owe the IRS more than 10% of your total tax owed at tax time. The IRS doesn’t intimidate me – but reading Publication 17 is kind of a hobby for me…
The issue for me is that particular safe harbor isn’t a %, it’s a fixed $1,000. Given my tax bill and highly variable income, it’s extremely easy to be off in my taxes by a lot more than $1,000. I certainly can’t withhold enough to pay my taxes even if withheld my entire salary.
I don’t mind paying a penalty, I just don’t want to have to do withholding on all my interest and dividend/cap gain income. Makes it a pain to do taxes when you have $0.98 to $7.14 withheld at 19 separate CDs
I agree I wouldn’t have anyone but your employer do withholding. I’ve never done that.
Thanks for the clear topic. Wondering if I contribute 19,400 to my 401k, how does this affect my tax bracket situation? Is it simply subtracting the 19400 to my salary to get that deducted or am I missing something? Sorry I’m new to all this
Yes, that’s exactly how it works.
If you contributed $19,400 to a Roth 401k, there will be no deduction.
If you contributed $19,400 to a Traditional 401k, the “deduction” will come from the fact that your W-2 will be $19,400 less than what you earned. Ex: $200k earned with $19,400 into a Roth 401k will still show $200k earned on your W-2. If you earned $200k but contributed $19,400 to a Traditional 401k, your W-2 will show $180,600 earned.
Technically, it’s all on your W-2. It’s just not in Box 1.
https://www.irs.gov/pub/irs-pdf/fw2.pdf
@ Toby :”If you contributed $19,400 to a Traditional 401k, the “deduction” will come from the fact that your W-2 will be $19,400 less than what you earned” did you mean contribution to a 401 K, rather than Traditional 401K? Bec you cannot claim a deduction for TIRA if your income is over a certain amount and you can only do a backdoor Roth
Unless you don’t have a retirement plan at work.
If you’re married filed jointly, that also applies if your spouse isn’t covered by a plan at work, right? Does that apply if your spouse is an independent contractor contributing to an individual 401k or SEP-IRA?
The rules are actually different in each of those situations, but you can always just do the Backdoor Roth IRA no matter what situation you’re in.
https://www.thebalance.com/spousal-ira-contribution-limits-4040575
Great post Jim as always. You would think that when people over estimate federal taxes it would make them want to use their 401(k) or traditional IRA even more. Do you think it’s maybe a good thing that people overestimate the federal income tax? otherwise if they underestimated they would use their tax deferred accounts even less!
Silver lining eh?
There is little penalty for overestimating, but huge penalties for underestimating taxes. Why would you expect any other outcome.
My former Fortune-50 employer has a company-wide bonus program. Depending on one’s level within the company your bonus could be anywhere from 1% – 100% of your base salary.
Every year like clockwork when bonuses were paid there would be a chorus of angry people — educated, intelligent people — who were livid about how much tax they were paying on their bonuses, because the bonus withholding rate was higher than their normal withholding. You’d hear all kinds of conspiracy theories about how the company or the government was trying to rip them off. Trying to explain withholding versus taxes due was a lost cause.
As a child-less DINK I’ve also found, almost without fail, that those with families and one working spouse vastly overestimate how much they’re paying in taxes while under-estimating how much everyone else is paying in taxes.
This one puzzle me every year… sometimes multiple times a year. I often try to re-educate the same folks that the math adds up the SAME way at the year end… but they do give the government a loan for part of the year if they don’t lean out their regularl withholdings throughout the rest of the year.
I struggle with trying to figure out my total income i.e W2 + side gig (both of which I know) but how do I add the dividends as I will not have the final statements before end of Dec 2020 to know if I should donate/do TLH etc to lower my marginal tax rate before Dec 31st. Any advice on that would be appreciated
Why can’t you just look up the dividends at your brokerage website?
If you have losses to harvest, harvest them. If you’re planning to donate to charity, do so.
I remember a tragic “marginal vs. effective rate” tale… A few years ago I remember that a relative of mine was bamboozled into not taking a raise “Because I talked with my coworker and she said I’d just lose it all because of the taxes”… Well, after turning it down, the coworker “friend” accepted the promotion for herself!
Great post- don’t pay attention to the haters who might think this “Taxes 101” or too basic to even write about (had a major eye roll at some of the comments leading to this posting). It is truly helpful for so many readers like us!
yes most people earning under 100K dont a bad of a tax burden but it is considerably worse if you are self employed in that pay range. My family situation is a income well under 100K all 1099. that extra 7.5ish % we pay is a big factor because almost nothing can deduct from it
Agreed that payroll taxes can feel very unfair if you’re not being paid more to offset it.
The poll was set up to have a high “ignorance” rate. While I don’t doubt there are some who have no clue how the tax code works or the difference between effective and marginal tax rates, the question says “do not calculate”. Then your sentence right below says they “can be easily calculated”. Well you told them not to calculate it! Sure I know my marginal rate is 37% and the more I make the higher my effective rate will get but it will never be exactly 37%. Because there will always be some in the lower brackets. Each year i know MY effective rate. That said I don’t have all the brackets memorized so someone at 100-200k, I’d just be guessing at their effective rates without the chart in front of me. Seems like a poll to prove a point you wanted for the post but I think it overestimates the ignorance of your audience.
Fair criticism. It isn’t science, it’s just a Twitter poll.
But it’s still pretty bad even if you cut the number of wrong answers in half.
Another reason people don’t get marginal tax rates is because the charts, as shown above, make calculating the tax more complicated than necessary. It’s rare to see the chart presented in this style below (simplified for illustration; only single is shown) …
Marginal Tax Rate//Actual Income //Tax Due (actual income is after all deductions)
10% $0 to 9950 10% of the actual income
12% $9951 to 40525 (Actual income – 9951) x 0 .12 + 995
22% $40526 to 86375 (Actual income – 40526) x 0.22 + 4664
24% $86376 to164925 (Actual income – 86376) x 0.24 + 14751
32% $164926 to 209425 (Actual income – 164926) x 0.32 + 33602
35% $209426 to 523600 (Actual income – 209426) x 0.35 + 49177
37% $523601 to more (Actual income – 523601) x 0.37 + 165421
If I make $200,000 (I wish!), I can stick my actual income in the formula in the right column and quickly arrive at my tax due ($44826). And it’s intuitive to all except the most ignorant that the tax due is nowhere near an oversimplified calculation of marginal tax rate times total income (it’s pretty obvious that the tax due is less than a quarter, or 25%, of the income after deductions). Using the chart in the article, I have to calculate the marginal rate for each tax rate until I arrive at the one that applies to me (four in my example), subtracting the lower number from the higher number, setting that aside to add later on to the next tax rate, and so on, until I finally arrived at my own.
BTW: I did all of these calculations based on the table in the article, which I assume to be correct. I’m not an accountant or mathematician, and I am decidedly human. Therefore, careful scrutiny of my numbers (I know you’re out there) may find mistakes. Do not use to calculate your personal tax estimates. If you do find mistakes, I’d be obliged if you copied the table, made the correction(s), and reposted.
EDIT: I apologize for the table formatting. Upon posting, the website removes all white space.
While more complex, it is much more descriptive to do it that way.
This is what a lot of people don’t get. The actual formulas are a lot more gradual than the tax bracket percentages. So it isn’t that each dollar in the tax bracket is taxed the same. The subtraction part of it means that the first dollars in a tax bracket are taxed closer to the lower bracket while the last dollars in a tax bracket are taxed closer to the next bracket. It may not actually save you that much in taxes to deduct that extra dollar.
Aside from phaseouts, that’s not the case. It isn’t gradual, it’s a bracket.
Will you please explain the Head of Household? I’m a single individual and I live with my domestic partner. We file as two singles, however. Does this designation affect us?
I think head of household has to have a kid.
Halfway through my last year of residency. My dad, who is a professional tax preparer on the side, has always done my taxes. It’s been great, and free! I’ve paid much closer attention the past couple years to make sure I understand the process.
I really would like to transition to doing my own taxes. I’d prefer to not have my parents or siblings know how much money I’ll be making, as it’ll be several times more than any of them and I don’t want that to alter our relationships.
Would you recommend just doing turbotax? Or is there something I can read that will give me a good and basic foundation? My biggest concern with doing it myself is just missing big things that my ignorance can’t help me with.
Why not do it together with your dad this year and then taking over next year? There’s nothing like doing your own taxes to learn them. You can read a how to manual on taxes if you like.
https://www.walmart.com/ip/J-K-Lasser-J-K-Lasser-s-Your-Income-Tax-2021-For-Preparing-Your-2020-Tax-Return-Edition-2-Paperback-9781119742241/472242393?wmlspartner=wlpa&selectedSellerId=0&&adid=22222222227000000000&wl0=&wl1=g&wl2=c&wl3=42423897272&wl4=pla-51320962143&wl5=9012991&wl6=&wl7=&wl8=&wl9=pla&wl10=8175035&wl11=online&wl12=472242393&veh=sem&gclid=EAIaIQobChMIgP-7wMH37QIVE4eGCh2f3gnoEAQYASABEgK5mfD_BwE
If your dad uses Turbotax, then sure, learn Turbotax. It’s overall a help, but it does involve learning how to use the software.
Investor series in March from March 4-6 to be canceled. I do not wish to attend this virtual conference because I’ve had no communication despite requesting communication with your business. Please cancel your charges. I wanted to discuss my issues with your website for sign up and I’m disappointed in communication.
I’ll have Chrislyn contact you.
My calculations for married couple $200,000 income taking standard deduction result in total tax of $30,018.14 or 15.0%.
$25,100 (0), $19,900 (1990), $61,149 (7337.88), $91,699 (20,173.78), $2152 (516.48). Is this not correct?
Well, we can start with the fact that I used 2020 brackets and standard deduction and you used 2021 brackets and standard deduction. Does that fix the issue?