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Manual Tax Calculation - $3 Difference

GodFather
Level 8

At this point in tax season, I certainly have other more pressing issues.  With that said, I'm hoping someone can provide some insight.  Single taxpayer with taxable income of $41,754.  A quick manual calculation shows tax of $4,790.  The program is showing $4,793.  Yes, it's only $3 but wondering why the difference?  

Manual Tax Calc:

   Up To:Up To: 
Your Taxable Income41,754 11,00044,726 
   30,75430,754 
Single Taxpayer Tax Rate  10%12% 
Tax  1,100.003,690.484,790.48

 

I'm also attaching a screenshot of the ProSeries Tax Summary showing the $4,793VW Manual Tax Calc.jpg

1 Best Answer

Accepted Solutions
sjrcpa
Level 15

The tax tables use a range of taxable income vs. the tax rate schedule using exact taxable income.


Ex-AllStar

View solution in original post

7 Comments 7
sjrcpa
Level 15

The tax tables use a range of taxable income vs. the tax rate schedule using exact taxable income.


Ex-AllStar
GodFather
Level 8

Thank you. 

IRonMaN
Level 15

@GodFather  - you are never going to keep pace with Jim if you spend that much time analyzing your tax returns 😜


Slava Ukraini!
GodFather
Level 8

@IRonMaN  I recognize I need some mental health at this point in the season (and it's still early).  I'm seeking it here.  😉

IRonMaN
Level 15

If I understand the rules correctly, tax advice is free here.  Counseling services are charged out at a bottle of Fireball for each 15 minutes of service.


Slava Ukraini!
GodFather
Level 8

Is there any discount if I need hours of counseling???

 

IRonMaN
Level 15

This is Intuit.  We can't discuss discounts in public but you can always call in to discuss the possibility privately.


Slava Ukraini!