2016 - 2017
When it comes time to pay the piper "Uncle Sam".
there's a multitude of calculations that have to be
done to figure out that bottom line number used to
determine your financial fate.
Now as if the obligation of paying taxes wasn't
enough, determining what you owe is calculated by
adding several figures together from each tax
bracket that you climb into and past.
other words, a tax bracket calculator tells you what
your tax rate is for the portion of income you make
that falls within that bracket, and each portion of
income falling into additional tax brackets.
As your income goes up it is calculated and added
to the previous bracket total. Confusing Right?
Well no need to worry,
tax calculators work with all these figures to
determine what your burden will be for you...
Burden, huh, that doesn't sound good, but having a
tool that allows you to not have to torque your
The income tax calculators above help you
determine what you owe, but our tax bracket
calculator below will show you what your tax
rate is for each tax bracket you have income in.
Fun huh... Yeah right?
Brackets & Rates Calculator
How to use our
Tax Brackets Calculator
It's simple! select your filing status and the
tax year being filed to calculate your tax bracket
rates and see how much money the Internal Revenue
Service (IRS) is going to siphon out of your
pockets. Gosh dang it...
what are the big changes in the tax brackets and
rates this year?
Well, the political compromise bill that Congress
passed to keep us from falling off the fiscal cliff
preserves the Bush-era tax rates for taxpayers
making under $400K (single filers) and $450K (joint
filers) for taxable income.
For tax filers that receive income that is over
the filing status amounts listed above, there is a
new tax rate of 39.6% that used to calculate taxes
on income portions over the $400k and $450k levels
for single and joint filers, respectively.
U.S. tax brackets are adjusted on an annual
basis. These annual adjustments account for
inflation, or recession, and result in changes to
the federal income tax brackets to compensate for
these economic changes.
The Bureau of Labor Statistics Consume Price Index
for Urban Consumers (CPI-U), is used for determining
the changes needed for economic adjustments to the
tax brackets. These adjustments may or may not be
followed by income tax rate changes that in turn
play a roll in the amount of our IRS tax liability.
As of last year there are now seven tax brackets
due to the fact that our government loves to make
everything they touch complicated. These tax
brackets refer to current tax rates of 10%, 15%,
25%, 28%, 33%, 35%, and 39.6% respectively. Tell me
that's not an overly coagulated mess.
Liability with a Tax Calculator
federal tax refund calculator several times a
year can help you decide if adjustments are needed
to your paycheck withholding or quarterly tax
payments to keep you from falling too far behind
with taxes owed, or paying too much in to the
Internal Revenue Service.
Most tax filers agree that making adjustments in
order to come out as close to even as possible with
the IRS at years end offers the least stressful
Obviously nobody wants to owe more money to the
government, but overpaying is no less that giving
the IRS a interest free loan until you get your cash
offers such a tool with their TaxCaster income tax
is free to use all year round and can help you stay
in tune with your income tax liability throughout
the year. Convenient!
This tool has always been one of my favorites
just by the fact that it is so easy to use, and
accessible all the time!
So how accessible is it really? Well, I keep the
smart phone app on my iphone so that I have the
convenience of using it whenever I want.
It's a tool I have found to be quite handy as my
year progresses and I find my income fluctuating.
Read more about the
TurboTax TaxCaster Calculator and App.