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Income Tax Calculator

Income

Filing Status


Your Age (years)

401(k) Contribution

IRA Contribution

Taxes Paid or Withheld

Deductions


Itemized Deductions

Result

Federal Income Tax 2019

Car Loan

Taxable Income

$0

Interest

Effective Tax Rate

0%

Calendar

Estimated Federal Taxes

$0

Sales Tax

Federal Taxes Withheld

$0

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The team of calculator-online brings a smart financial tool known as ‘free income tax calculator’ that works like an income tax estimator. Yes, this tool will help to estimate your 2019 federal income tax obligation and provide you with a rough idea of what you will owe.

Well, before knowing to about this federal income tax rate calculator, let’s start with the terms of ‘Federal Income Tax & Taxable Income.’

Tax is a type of compulsory payment that has to be made by the taxpayer, means that the money which people have to pay to the government if they come under the category of taxpayer. This amount collectively gathered by taking tax is said to be used by the government for the people who work for the government. As it can be used to pay for the army and police personnel, or it is in the development of the country as in the building roads, bridges, etc. in other words it is the money that is demanded by the government to provide facilities to the people.

 

What Is Federal Income Tax & Taxable Income?

Federal income tax refers as the taxes on income that includes both earned (salaries, wages, tips, commissions) and unearned (interest, dividends), according to the IRS ‘Internal Revenue Service.’ In the United State (U.S), both individuals and businesses should have to pay federal income tax. No doubt, federal taxes are the main source of funding of the U.S of governments. Our federal income tax calculator 2019 helps calculate federal income tax and even helps to understand how much federal income tax are you ought to pay.

And, when it comes to taxable income, it refers to any individuals or businesses compensation, which is utilized to figure out the tax liability. The total income/gross income is utilized as the basis to determine how much is tax the individual or organization owes the government for the specific tax period. The above taxable income calculator helps to unfold the question of an individual who usually asks how much will I pay in taxes.

 

Taxes are Grouped into:

Taxes are also broadly categorized into three groups, which are:

Flat Taxes:

These are the taxes whose rate is same. Everybody has to pay the tax on the same rate.

Progressive Taxes:

It is the tax depending on the income of someone like if one is making more money he has to pay more percentage of his income as tax. Person revenue and tax rate are directly proportional.

Regressive Taxes:

In this, the income of the individual and the tax rate is inversely proportional. Like if a person is making less money, but he has to pay more tax rate or percentage of their income as tax as in sales tax for poor people.

Income Tax Calculator:

No doubt, taxes are unavoidable, and without planning the annual tax liability can be a daunting challenge. Thus, for the ease, we are providing a significant federal income tax plan calculator that helps to calculate income tax and uses the updated information provided by the Internal Revenue Service (IRS) of the United States federal government. You can readily perform income tax 2019 calculations with the ease of this tool. You just have to enter some basic information about yourself, your income, and any deductions or credits you anticipate to getting the personal income tax calculations with the help of this quality calculator.

How to Calculate Tax With This Tool:

Our free tax calculator is packed with user-friendly interface; you just have to stick on the following to get income tax filing calculations:

  • First of all, you ought to add your income value in the field of ‘Income.’
  • Very next you ought to select your filing status, from the drop-down option of ‘Single Filers’, ‘Married, Filing Jointly’, ‘Married, Filing Separately’ or ‘Head of Household.’
  • Then, you ought to enter your age in years
  • Right after entering your 401 (k) contribution, it is optional – as these limits are set by the Internal Revenue Service (IRS) and subject to adjustment each year
  • Then, you ought to enter the amount you contribute to a traditional, Roth or other types of IRA in the given field of ‘IRA Contribution.’
  • Very next, you ought to enter the amount to taxes paid or withheld
  • Then, you ought to select the tax method it is either ‘Standard deduction’ or ‘Itemized deduction’ – if you selected ‘Itemized deduction’, then you ought to enter the amount of itemized deductions
  • Finally, hit the calculate button of the 2019 tax calculator to get the taxable income, effective tax rate, estimated federal taxes, and federal taxes withheld

Well, this federal income tax calculator will estimate the amount that you will get back.

How to Calculate Federal Income Tax?

No doubt, calculating federal tax is a daunting challenge, but with the ease of federal tax brackets, it becomes easy.
So, let’s start with the term ‘Tax Brackets.’

What Is Tax Brackets?

Keep in mind that the federal income tax system is progressive, that means the different tax rates apply to the several portions of your taxable income. Tax Bracket is the term which means the highest tax rate that will be applied to the top portion of an individual taxable income and based on your filing status. In straightforward words, tax bracket said to be as a range of taxable income with a corresponding tax rate. The above effective tax rate calculator also considers tax brackets while calculating your income tax rates.

income tax rates 2019-2020

What Tax Bracket Am I In?

The United States (U.S) has seven federal income taxes that are 10%, 12%, 22%, 24%, 32%, 35% and 37%. Typically, the tax brackets are assists to understand what income tax rates will apply to your taxable income in federal income tax calculations.

Some Specific Terms You Need to Know:

Filing Status:

Remember that an individual tax filing status is something that makes a big difference in his/her tax return when he/she file.
People often choose the status that perfectly matches with their personal situation, but in some cases, an individual may have more than one option. For instance, it’s up to you to pick the filing status, which offers you the most tax advantages. More specifically, filing status helps to understand the income levels for your federal tax rates. Also, take into account to figure out your standard deduction, personal exemptions, and different deduction or credit phase-out income ranges. To know how much is the income tax return difference; you can utilize the above 2019 income tax calculator. The filing status options are:

  • Single Filers
  • Married, Filing Jointly
  • Married, Filing Separately
  • Head of Household

Standard Deduction vs. Itemized Deductions:

First of all, we want to mention that the purpose of the tax deduction is to decrease an individual taxable income, which then decreases the payment of taxes you ought to return to the federal government. An individual has the feasibility of claiming the standard deduction OR itemizing deductions on his/her income tax return. Give a read to know the difference between these both terms.

In simple words, a standard deduction is a term of the fixed dollar amount that everyone gets and even reduces the income you’re taxed on. Remember that the standard deduction varies according to your filing status. However, you can do the standard calculation with the ease of after-tax income calculator. Nearly 70% of filers take it as it makes the tax-prep procedure efficient and easy.

When it comes to an Itemized deduction, it comes from the list of expenses the Internal Revenue Service (IRS) approved as eligible tax deductions to assists reduce your taxable income. The sum of these itemized deductions is utilized to reduce an individual adjusted gross income (AGI). For example, if an individual in the 15% tax bracket, then every $1,000 in itemized deductions knocks $150 off of his/her tax bill. You can enter your itemized deductions value in the above federal income tax rate calculator to get instant results.

Note: An individual cannot claim the standard as well as itemized deductions in the same year.

Words By Calculator-Online:

Disclaimer – Yes, this 2019 tax calculator is taking into account for illustrative purposes only. We straightforward tell you that there is no guarantee for the accuracy of the data provided. Once you make calculations with our federal income tax rate calculator, you ought to consult to a qualified advisor!

 

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