Income Tax Calculator

Paying Income tax often requires us to engage in complex calculations that many a times appear to make our life difficult. To ease your work and help you with the calculation of the income tax according to the US federal rules you can try Income Tax Calculator 1.2. It can estimate your tax and find the tax bracket for your additional income. It shows the past and current tax brackets and provides the estimation for federal taxes. The software contains the options for filing status, for getting the average tax rate and the tax percentage relating to your income. You can make the calculation quickly and get your tax calculated with ease.

The Income Tax Calculator 1.2 provides you with a rather simple interface that makes it easy for an average tax payee to operate the program. The program does not contains any uncomplicated features as you just need to make few selections and done. The screen of the program is small and contains three options to be set. First you need to select the Tax Year from the drop down menu. You can set the Taxable Income according to which you would get the tax calculated. The filing status option shown on the screen can be set to be Single, Married filing jointly, etc from the drop down menu. It also shows you the table that provides you with the detail of percentage tax bracket according to income level. Your estimated federal tax in amount and percent is also shown at the bottom. Enter the income and have the tax calculated. You can also get the income tax calculated for previous years for making the comparison. It also provides you with the calculator that helps you to make calculation if you want.

Income Tax Calculator 1.2 is good for calculating the income tax as per the US federal rules. It has been given 3 points on account of its support for basis tax functions. However the utility lacks the depth that is often required for handing tax returns of High Net worth individuals.

This tax calculator instantly estimates your US federal income tax and finds your tax brackets. Tax brackets show percentage of tax that you pay on additional income. The higher is your taxable income, the higher is your federal tax rate. Suppose that you earn an additional amount of $1000 and you are in 28% bracket. That means your would have to pay additional $280 in federal taxes. Income Tax Calculator shows current and past tax brackets and estimates federal tax for years 2000-2011. It includes an option of different filing status and shows an average tax rate, the percentage of tax that you would pay relatively to the total taxable income.