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Tax Brackets Calculator
2017 - 2018

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.

In 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, federal income 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 brain helps!

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?

Federal Tax 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...

So 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.

Estimate Tax Liability with a Tax Calculator

Using a 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 outcome.

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 back.

TurboTax Calculator

TurboTax offers such a tool with their TaxCaster income tax calculator. This TurboTax Calculator 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.







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