We use the IRS tax code to calculate the correct tax brackets and deductions to get the taxable income.
The following provides a breakdown of the calculations for each field returned by the Taxes endpoint.
federal income tax on 1099 income +
state income tax on 1099 income
tax payments submitted to the IRS outside of Abound
tax payments submitted to the state outside of Abound
sum of tax withholdings outside of Abound
sum of tax withholdings inside Abound
tax rate on each marginal dollar of income received
sum of IRS taxPayments for an individual in a given year
duplicate of irsPayments (this field will be deprecated)
sum of tax withholdings for an individual in a given year
sum of tax withholdings that are pending (only applicable for Abound tax withholdings inside Abound)
Updated 4 months ago