TT says 15.6% which is calculated on gross AGI.
Using taxable income (1040 line 43) it is 17%.
Using taxable income (1040 line 43) it is 17%.
Using your definition (Line 43/Line 63), mine was 15.6%. Being single with a pension is not so good with respect to fed taxes. At least no state taxes for me.
I think we need some standardization as many are doing it differently. My understanding is your effective rate is your tax liability (actual tax due) divided by taxable income (income after standard/itemized deduction and exemptions,etc.) not AGI. To be even more specific Form 1040 line 63 divided by line 43. For the sake of simplicity could we keep it just on the federal returns ?
0% Feds
0% State
There are some advantages to being "poor"