Yes it is incorrect multiplying the Taxable income by 12% in arriving at Tax liability.
Since the tax rates are slab based meaning rates change at different slabs appropriate rate of the slab needs to be applied.
Here the Taxable Income base is - 33015
The Tax Liability will be calculated as hereunder on this amount - (Statue- Single Tax Payer)
For Income upto 9525 Tax will be = 9525 * 10% = 952.50 or 953
On balance Income i.e. (33015 - 9525) or 23490 = 23490 * 12% = 2818.80 or 2819
Therefore total tax liability will be
953 + 2819 = 3772
to find estimated tax, I was multiplying my taxable income with the percent (12%). its wrong...
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