question about 2014 taxes
I'm a beginner and was hoping someone could help me with a quick question. I was overlooking my father's taxes and used an IRS tax calculator to figure out how much taxes he would owe. I punched in $207,000 for his joints taxes he would be filing and the fed taxes came out to $45,426. Is this correct?
Don't you just multiply the net income by the percentile of the tax bracket your in (28% in his case) or is there some other way to doing it. I would really appreciate if someone could help explain this to me. thank you.