Tax Calculator
Estimate your federal and state income taxes, calculate deductions, and plan for tax payments or refunds. Get accurate tax liability estimates for better financial planning.
Tax Information
How to Use the Tax Calculator
- Enter Annual Income: Input your total gross income from all sources
- Choose Filing Status: Select single, married filing jointly, or head of household
- Add Deductions: Include standard or itemized deductions to reduce taxable income
- Select State: Choose your state for state tax calculations
- Review Results: See your federal and state tax liability, effective rates, and refund estimates
- Plan Accordingly: Use results to adjust withholdings or make quarterly payments
Tax Calculation Examples
Single Filer Example
Married Filing Jointly
Tax Planning Strategies:
- Maximize Deductions: Consider itemizing if deductions exceed standard amounts
- Retirement Contributions: 401(k) and IRA contributions reduce taxable income
- Tax-Loss Harvesting: Offset capital gains with investment losses
- Quarterly Payments: Self-employed should make estimated tax payments
Understanding Your Tax Results
Tax Terms
Gross Income
Total income from all sources before deductions
Adjusted Gross Income (AGI)
Income after above-the-line deductions like retirement contributions
Taxable Income
Income subject to tax after all deductions and exemptions
Tax Rates
Marginal Tax Rate
Tax rate applied to your last dollar of income
Effective Tax Rate
Average tax rate across all income (total tax ÷ income)
Standard vs. Itemized
Choose the higher of standard deduction or itemized deductions
Frequently Asked Questions
How accurate are these tax calculations?
Our calculator uses current federal tax brackets and standard deduction amounts. Results are estimates for planning purposes. Consult a tax professional for complex situations.
Should I take the standard deduction or itemize?
Take whichever is higher. Standard deduction is often better for most taxpayers, but itemize if you have significant mortgage interest, state taxes, or charitable donations.
What income should I include?
Include wages, salaries, tips, interest, dividends, business income, rental income, and other sources. Don't include tax-exempt income like municipal bond interest.
How do state taxes work?
State tax rates and rules vary significantly. Some states have no income tax, while others have rates up to 13%. This calculator provides general estimates.
When should I make estimated tax payments?
If you're self-employed or have significant non-wage income, make quarterly payments to avoid penalties. Pay 25% of your estimated annual tax by each quarterly deadline.
What if I owe money at tax time?
If you owe more than $1,000, you may face penalties. Consider adjusting withholdings or making estimated payments. Set up a payment plan with the IRS if needed.
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