Originally Posted by
dmeg13021
Confirm that $280k is line 11, AGI?
you should then apply at least the standard deduction of $31.5K, making line 15, taxable income, $248.5K.
tax on this amount is $45.3K, before any credits (eg child tax credit). I think this is where you made your mistake. Use the 2025 tax tables for MFJ. Taxable income x .24, then subtract $14.3k for your actual tax, then apply your credits (phased out by income)
1040 is not super complicated, you can ball park it by hand in about 5 mins
Ok, so I looked over the 1040 that taxact.com filled in for me. Everything pretty much tracks with what you said and my FEDERAL tax due is $38k. But when I include Box 4, 6, and 17 which is Social Security tax, Medicare tax, and State tax, the total comes to $67k. Anybody got a barf bag handy? Think I’m feeling sick to the stomach.