What's Your Estimated Federal Income Tax Liability?
Paying federal income taxes is one of most people’s least favorite annual activities.
As a result, many people tend to procrastinate by not planning for their taxes each
year and by completing and filing the forms at the last possible minute. This calculator
is designed to help you estimate your annual federal income tax liability.
For the 2023 tax year, the standard deductions are as follows: single, $13,850;
heads of household $20,800; married filing separately, $13,850; and married filing
jointly, $27,700.
Your Results
Based on your estimates, you could owe the amount of federal income tax shown below.
Is the amount greater than you expected? You may be able to help reduce your tax
liability by contributing more to your employer-sponsored retirement plan or by
increasing your itemized deductions. For example, you may want to increase your
charitable contributions or pre-pay deductible expenses such as state taxes.
Your total pre-tax income:
$0
Based on the information you have provided, your federal income tax liability would be:
$0
This is only an estimate of your total taxes. A tax refund or taxes still owed would depend
on withholdings, estimated taxes paid, eligible tax credits, and other factors not considered
here. This is not to be construed as a final determination of your federal tax liability;
a tax professional should be consulted. Alternative minimum tax and itemized deductions are
not considered.
Are you comfortable with the amount you are paying in taxes? There are steps you can take to
help reduce your annual tax burden. Review your individual situation and develop a strategy
to help reduce your taxable income.
Where Your Annual Income Goes
This is only an estimate of your total taxes. A tax refund or taxes still owed would depend
on withholdings, estimated taxes paid, eligible tax credits, and other factors not considered
here. This is not to be construed as a final determination of your federal tax liability;
a tax professional should be consulted. Alternative minimum tax and itemized deductions are
not considered.
This hypothetical example is used for illustrative purposes only. Actual results will vary.
This information is not intended as tax, legal, investment, or retirement advice or recommendations, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek advice from an independent tax or legal professional. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.
// 0) { adj_ph = 0; } ; if (adj_ph > 0) d_re = 0; if ((g + d) > _3) { d_re = (g - _3 + d) * 0.0; } if (d_re > (b + d)) { d_re = b + d; } g = g + d_re; return g > _1[0] ? (g - _1[0]) * 0.37 + _2[0] : g > _1[1] ? (g - _1[1]) * 0.35 + _2[1] : g > _1[2] ? (g - _1[2]) * 0.32 + _2[2] : g > _1[3] ? (g - _1[3]) * 0.24 + _2[3] : g > _1[4] ? (g - _1[4]) * 0.22 + _2[4] : g > _1[5] ? (g - _1[5]) * 0.12 + _2[5] : g * 0.1; }; switch (sArr[f]) { case "s": t = get_t([578125, 231250, 182100, 95375, 44725, 11000], [174238.25, 52832, 37104, 16290, 5147, 1100], 0); break; case "h": t = get_t([578100, 231250, 182100, 95350, 59850, 15700], [172623.5, 51226, 35498, 14678, 6868, 1570], 0); break; case "ms": t = get_t([346875, 231250, 182100, 95375, 44725, 11000], [93300.75, 52832, 37104, 16290, 5147, 1100], 0); break; case "mj": t = get_t([693750, 462500, 364200, 190750, 89450, 22000], [186601.5, 105664, 74208, 32580, 10294, 2200], 0); break; } t = Math.max(0, t); A = a; C = a - t - b; T = t; B = b;';
var Validate = function () {
return true;
}
var Questions = [
new Question('Your tax filing status:', null, 'f', null, null, null, null, 1, {defaultvalue: 3, slidervalues:{ type: 'radio',labels:['Single','Head of household','Married filing separately','Married filing jointly'], values: [0, 1, 2, 3] }}),
new Question('Your total pre-tax income (include W-2 income, interest, dividends, rental income, etc.):', null, 'a', null, null, null, null, 1, {defaultvalue: 120000, slidervalues:[0,100000,200000,300000,400000,500000]}),
new Question('Your total contributions made to all employer-sponsored plans this year (e.g., 401(k) plans, traditional IRAs, etc.):', null, 'b', null, null, null, null, 1, {defaultvalue: 7500, slidervalues:[0,7500,15000,22500,30000]}),
new Question('Your deduction(s) (if you itemize your deductions, enter that total here; otherwise, enter the appropriate standard deduction):', null, 'd', null, null, null, null, 2, {defaultvalue: 27700, slidervalues:[0,10000,20000,30000,40000,50000]}),
];
var Answers = ['$A', '$T'];
var ChartTitle = 'Move mouse over chart to view details';
var ChartType = 'pie';
var ChartLabels = ["Estimated Federal Taxes", "Employer-Sponsored Plans", "Amount Left"];
var ChartData = [["Estimated Federal Taxes", 'T'], ["Employer-Sponsored Plans", 'B'], ["Amount Left", 'C']];
initCalc();
var dd = new Date();
$Gid('this_year').innerHTML = dd.getFullYear();
//]]>
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