Calculate your tax

Accurate Calculations Guaranteed. Maximum Refund Guaranteed. How to estimate your taxes? How do I determine my tax rate? How your tax is calculated? How much is my federal tax?

When you use our tax calculator , we’ll ask you questions about these details to give you a better estimate of your refund or taxes due. For example, if you calculate that you have tax liability of $0(based on your taxable income and your tax bracket) and you are eligible for a tax credit of $2that would reduce your liability to $800. You would only owe $800. The information you enter is automatically saved so if you have any changes, you can easily make them in seconds to see how they affect your federal tax refund.

This tax calculator is solely an estimation tool and should only be used to estimate your tax liability or refund. It should not be used for any other purpose, such as preparing a federal income tax return, or to estimate anything other than your own personal tax liability. This is only a ready reckoner that makes standard assumptions to estimate your tax breakdown.

Withholding takes place throughout the year, so it’s better to take this step as soon as possible.

When figuring your estimated tax for the current year, it may be helpful to use your income, deductions, and credits for the prior year as a starting point. If you work for yourself, you need to pay the self-employment tax , which is equal to both the employee and employer portions of the FICA taxes (1 total). Luckily, when you file your taxes , there is a deduction that allows you to deduct the half of the FICA taxes that your employer would typically pay. Prevent new tax liens from being imposed on you.

Industry-Specific Deductions. This interactive, free tax calculator provides accurate insight into how much you may get back this year or what you may owe before you file. Estimating a tax bill starts with estimating taxable income. In a nutshell, to estimate taxable income, we take gross income and subtract tax deductions. What’s left is taxable income.

Then we apply the appropriate tax bracket (based on income and filing status) to calculate tax liability. When this happens, you are due a tax return from the government. Conversely, you may owe if the money you withheld is too low. Based on your annual taxable income and filing status, your tax bracket determines your federal tax rate.

View federal tax rate schedules and get resources to learn more about how tax brackets work. Follow these steps to calculate your federal income tax bracket: Select your federal tax filing status (most married couples benefit by filing jointly). Enter your total, gross income (TaxAct will automatically estimate the taxable portion Add any 4(k) and IRA pre- tax contributions.

It may vary from the taxes calculated directly using the tax brackets above. Your maximum tax bracket is.

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