About Federal Tax Calculator
This Federal Tax Calculator uses the 2007 Federal Tax Rate Schedules to estimate your tax liability based on the income and tax information that you specify. It is not meant to replace official tax worksheets, but it can be very useful for quick approximations. To calculate your actual tax, you would need to use Form 1040, 1040A, or 1040EZ as appropriate.

- To choose the standard deduction, just leave the Deductions field blank.
- Use the C buttons to quickly clear a field.
- If you know your Taxable Income, enter 0 in the Deductions and Exemptions to calculate your estimated tax.
- Federal tax is not calculated as a straight percentage of your total taxable income. For example, if your filing status is Married Filing Jointly, in 2007 your first $15,650 is taxed at 10%. Then, the amount above $15,650 up to $63,700 is taxed at 15%, and so on.
- After April 15, the calculator will be updated based on the current year’s tax schedules.

Details

Company:

Vertex42 LLC

URL:

Federal Tax Calculator

Post Date:

March 24, 2008