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Enter your filing status, income, deductions and credits and we will estimate your total taxes. Based on your projected tax withholding for the year, we can also estimate your tax refund or amount you may owe the IRS next April. We also offer calculators for the 2012, 2013, 2014, 2015, 2016, 2017, 2018, 2019, & 2020 tax years. Please use our current 1040 calculator to see what you will owe next April.
Get out your pencils and your tax forms and sit down to look them over and you are bound to become perplexed. The average person has to wonder who could have come up with this maze of information. It is all so confusing and time consuming. There is more than one reason after all why so many people hate to sit down and do their taxes. Actually paying the taxes is just part of what is so frustrating.
In this article we want to demystify a particular tax form that most taxpayers come across. That is the 1040 form. This is the form that most use when they are filing their personal or family tax return. We will take a look at the following aspects as they relate to taxes and this form:
Tax Rate
Married Filing Jointly or Qualified Widow(er)
Single
Head of Household
Married Filing Separately
10%
$0 - $19,750
$0 - $9,875
$0 - $14,100
$0 - $9,875
12%
$19,750 - $80,250
$9,875 - $40,125
$14,100 - $53,700
$9,875 - $40,125
22%
$80,250 - $171,050
$40,125 - $85,525
$53,700 - $85,500
$40,125 - $85,525
24%
$171,050 - $326,600
$85,525 - $163,300
$85,500 - $163,300
$85,525 - $163,300
32%
$326,600 - $414,700
$163,300 - $207,350
$163,300 - $207,350
$163,300 - $207,350
35%
$414,700 - $622,050
$207,350 - $518,400
$207,350 - $518,400
$207,350 - $311,025
37%
Over $622,050
Over $518,400
Over $518,400
Over $311,025
The above rates are separate from Federal Insurance Contributions Act (FICA) taxes which fund Social Security and Medicare. Employees and employers typically pay half of the 12.4% Social Security & 1.45% Medicare benefit each, for a total of 15.3%.