Solved
LAST YEAR OUR TAX RATE WAS 10% THIS YEAR IT IS SHOWING 2.54% IS THAT RIGHT?
No text available
You could be referring to your effective tax rate and not your tax bracket which could be correct (especially if you are getting a refund).
The effective tax rate for individuals is the average rate at which their earned income is taxed. Meaning although you may be in the 10% tax bracket, you do not pay 10% tax on your income.
Instead after all deductions and credits, you only pay 2.54% of your income in tax (and are probably getting a refund).
Enter your E-mail address. We'll send you an e-mail with instructions to reset your password.
©1997-2022 Intuit, Inc. All rights reserved.
Intuit,
QuickBooks, QB, TurboTax, ProConnect, and Mint are registered
trademarks
of Intuit Inc. Terms and conditions, features, support, pricing,
and service options
subject to change without notice.
Security
Certification of the TurboTax Online application has been
performed by
C-Level Security.
By accessing and using this page you
agree to the
Terms of Use.
Accessibility
