Tax Calculators

The IRS website provides several free tax calculators for use by the public. The AMT Assistant calculates whether or not a taxpayer is subject to the dreaded Alternative Minimum Tax. The Earned Income Credit Assistant analyzes a citizen’s filing status, income level, and number of children to determine if they meet the requirements to receive an earned income tax credit. If determined eligible, it even a rough estimate of how much they owe the taxpayer. The Withholding calculator ask for a few pieces of information from a current pay stub and determines if the worker is having too much or too little taken from their paycheck every week. If they are, the website offers a new W-4 already filled out that the employee can turn into his employer. The IRS has many exciting tax calculators on it’s website that will really come in handy next tax season.

Income Tax Refund Calculator

Most people are mainly concerned with how much they’ll be getting back after taxes. YourMoneyPage.Com provides one of the simplest and most accurate tax calculators around. One must simply fill out a simple two-page form (different versions are available for both form 1040 and 1040EZ) and in seconds they have a rough estimate. More well-known for their brick-and-mortar stores, H&R Block also have a refund calculator which is contained in a handy one-window application. It only has eight questions, so it’s quick and simple to fill out. Keep in mind that tax refund calculators should not be used as a substitute for exact figures. They don’t account for personal deductions and tax credits. The data they produce is a very rough estimate based on a small amount of input. In other words, one shouldn’t assume they’ll receive the refund the calculator says he will.

Payroll Tax Calculator

Many people may be paying too much for taxes taken out of their paychecks. Online tax calculators are a simple way to check. The IRS has a handy one called the Withholding calculator, but it pales in comparison to the one at Payrolltaxes.com. Simply enter your gross pay, gross salary to date, pay frequency, filing status, number of allowances, additional withholding, and state tax rate. It’s as simple as filling out a W-4. It’ll then let you know what you should expect to be taken out by State, Federal, FICA, and Social Security every paycheck. The site says it won’t be held responsible for a paycheck smaller than determined by the calculator.