Legacy Financial Associates, Ltd. - Federal Income Tax : Calculator: Federal Income Tax

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.

What is your tax filing status?
What is your total pre-tax income? Include W-2 income, interest, dividends, rental income, etc.	$
Enter the total contributions made to all employer-sponsored plans this year (e.g., 401(k) plans, traditional IRA’s, etc).	$
Enter your deduction(s). If you itemize your deductions, enter that total here. Otherwise, enter the appropriate standard deduction. For the 2011 tax year, the standard deductions are as follows: single, $5,800; head of household, $8,500; married filing separately, $5,800; married filing jointly, $11,600.	$
Enter the number of dependents/personal exemptions that you will be claiming. Generally, this will be you, your spouse, and your children.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We can not and do not guarantee their applicability or accuracy in regards to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues. Calculators provided by Emerald Connect, Inc.

Securities and advisory services offered through Multi-Financial Securities Corporation, member FINRA, SIPC.

Legacy Financial Associates, Ltd. and Multi-Financial Securities Corporation are not affiliated companies.