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Old 03-31-2012, 11:15 AM
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tax brackets

research shows 2011 single tax bracket for taxable income between 0 & 8,500 = 10%. My completed 1040 shows taxable income 3,215 and tax of 76. Why is tax not $321?



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Old 04-02-2012, 03:39 PM
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“research shows 2011 single tax bracket for taxable income between 0 & 8,500 = 10%. My completed 1040 shows taxable income 3,215 and tax of 76. Why is tax not $321?”---->You need to use tax table instead of tax rat schedule since your taxable is less than $100K. Your tax liability is $323 as single as shown on the tax table. The tax law requires that taxpayers with less than $100K of TI use the Tax Table to determine their tax. Consequently, the greater majority of people use the Tax Table.
Please see the tax table for 2011 here; http://www.irs.gov/pub/irs-pdf/i1040tt.pdf



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