With our interactive income tax calculation tool you can estimate your federal income tax amount due as well as your tax bracket and tax rate.
Note: your tax rate is actually a variable figure since each portion of income falling into each tax bracket is calculated at that tax bracket rate. Therefore your actual tax rate will be an average of all income from each tax bracket.
You can use our tax return calculation tool to estimate your federal income tax liability. However, keep in mind that this calculator requires a net income figure since it does not take any income tax deductions into account when determining your tax liability.
For more accurate calculations including deductions, use the free TurboTax Online or HR Block At Home income tax calculator links above. These professional tax software calculators will also determine your Medicare and Social Security taxes as well as your federal income tax amount due.
Once you have determined what your federal tax obligation is, you will be able to make a better decision of when to prepare your income tax filing or, whether you want to file for a income tax extension.
Remember, if your do file for a income tax extension, this does not give you extra time to pay any taxes owed. It merely gives you and additional 6 months time to file your return with the IRS
Using either of these top rated tax software brands will surely make your income tax filing a lot easier this year. Plus, with quality programs like these you're far less likely to make a mistake only to find that you need to amend tax return documents and resubmit them to the IRS.
Take the easy rout this tax season and use the best products to insure your temper wont be tested.
I have been using online income tax calculation tools for years and it really helps me relax regardless of whether I owe additional taxes or not. It just gets me off guessing what my tax debt is and into focusing on meeting that financial obligation.
What Are Estimated Taxes?
If you pay at least as much as your previous yearís liability or pay within 90 percent of your actual liability, thereís no penalty for underpayment.
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