Viewing a single comment thread. View all comments

countymanTX t1_j6p3f3p wrote

Reply to comment by nolesrule in Job not with holding enough federal tax. by [deleted]

With the marginal tax rate chart.

−1

stoplightarrival t1_j6p4s5x wrote

I suspect the chart you're looking at is based on taxable income, so you'd need to deduct off your standard deduction before using the table. Also, it's not taking into account the child, which wipes away your tax liability.

3

nolesrule t1_j6p4zb9 wrote

You need to factor in the standard deduction of $27700, the fact that tax rates are progressive so the remainder of your taxable income is all in the 10% bracket and the CTC reduces your final taxes by $2000.

1