The share permissions act as a filter to the file/folder permissions. Let's say that on the share you have defined "everyone read" and no other ACL's. It won't matter what update permissions you have defined on the files/folders, no account will be able to update anything through that share. Only read requests can "get through" the share permissions.
You would need to use the Effective Access tab on the Advanced Security Settings of a shared folder to select a given user and view their access.
Here is the analysis for TestUser. Both the file and share permissions are blocking the user from updating files.