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People think that free online tax filing can never be wrong. But it is not so as there are tax software which many a times display error in computing. The IRS has provided two measures in order to calculate the tax i.e. tax table and a basic formula. Let’s make these measures more clear with the help of an example. Every $50 dollars more of taxable income, the level of the table raises to the next level. Consider 1000-1050 as one level. The tax table scales one tax for the complete level. The tax table takes the tax the middle level i.e. 1025 and after that calculates tax, $103 and puts it for the complete level of 1000-1050. If the taxable income is 1005 then you will have to pay the same tax, 1045. On the other hand, if the calculation will be made by using the tax formula then 1005 will be $101 and 1045 will be denoted as 105 which make a difference of $4 Continue reading…