Unless total annual income falls below a certain level, it is important for every individual to make sure that enough money is put aside to pay income taxes and tax returns are filed every year. The process of calculating income tax can be tedious and confusing but, here, we have tried to present a simple way to self calculate your income tax.
Unless total annual income falls below a certain level, it is important for every individual to make sure that enough money is put aside to pay income taxes and tax returns are filed every year. The process of calculating income tax can be tedious and confusing but, here, we have tried to present a simple way to self calculate your income tax.
Unless total annual income falls below a certain level, it is important for every individual to make sure that enough money is put aside to pay income taxes and tax returns are filed every year. The process of calculating income tax can be tedious and confusing but, here, we have tried to present a simple way to self calculate your income tax.
Tax is a source of revenue for the government which is used for the benefit of the people, and every corporation or earning individual should pay taxes to the government. Income tax calculation can be a tedious task for most people since there are various types of tax systems which are prevalent like regressive, proportional and progressive, to add to this there exist certain tax credits and deductions that may reduce the total taxable income.
Hence, it becomes vital to calculate the amount of taxes you have to pay, which is not very difficult if you know the tax brackets which are prevalent at present. Here, we give a couple of instances of how to calculate income tax and the IRS tax rates in the U.S. In case of any difficulty or you or need help, visit the IRS website or contact your local IRS office for more information.
The tax deduction rates in the United States vary with the income of the individual. Another criterion for deciding the tax deduction for individuals is whether you are filing your returns as a married person (filing jointly), as a single, head of household or a married person filing separately. Here are the different IRS tax brackets prevalent in the U.S.A.