Hello Everyone,
I am self-employed and paid my estimated taxes this year (not shown on chart). When I finished on turbo tax I see that there is a 38.7% blended tax rate- I am not sure how this number was arrived at. Does the below info look correct?
Your Tax Breakdown2022
| Total Income | $145,004 |
| Deductions | - $47,556 |
| Taxable Income | $97,448 |
| Blended Tax Rate | x 38.7% |
| Tax LiabilityThis is how much you were supposed to pay in taxes. | $37,706 |
The blended tax rate simply appears to be a percentage of the taxes you pay on that $97,448 figure (note that would include your self-employment taxes since you mentioned you are self-employed).
If you can possibly locate the particular form TurboTax generates, it is more instructive to look at your effective tax rate (look for your 2022 Federal Tax Return Summary).
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
