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Federal Income Tax

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.

Input

1. What is your tax filing status?

2. What is your total pre-tax income? Include W-2 income, interest, dividends, rental income, etc.

3. Enter the total contributions made to all employer-sponsored plans this year (e.g., 401(k) plans, traditional IRA’s, etc).

4. Enter your deduction(s). If you itemize your deductions, enter that total here. Otherwise, enter the appropriate standard deduction. For the 2009 tax year, the standard deductions are as follows: single, $5,700; head of household, $8,350; married filing separately, $5,700; married filing jointly, $11,400.

5. Enter the number of dependents/personal exemptions that you will be claiming. Generally, this will be you, your spouse, and your children.

All return assumptions are for the purposes of tax planning and are hypothetical. They do not represent any actual investments.