U.S. Federal Tax Rate Calculator
Yikes! Tax Season... For many taxpayers, tax season can be an intimidating time of year when you sit and wonder what king of financial obligation may be lurking behind your year end tax liabilities with the Internal Revenue Service (IRS).
For myself, I avoid those uncertainties by keeping track of my tax obligations all year long. With the tax rate calculator below, you can see based on your earnings, what percentage of your income Uncle Sam is going to expect from you.
Preparing your taxes prior to determining a ballpark figure for taxes owed could put your heart in a state of panic. Nobody likes unpleasant financial surprises, so using our free tax rate calculator tool will help keep that heart beat calm!
To see how much each taxing entity is siphoning out of your wallet, just select it from the drop down menu by choosing your income tax filing status, social security, or Medicare based on filing status. By doing this you can quickly see what tax rate you are paying to each one of these entities based on your income.
You can also use our tax calculator below to compute those figures.
Federal IRS Income Tax Calculator
With the income tax calculator above, you can determine the amount of taxes due to each federal taxing entity. Then add together your - income tax, social security tax, and Medicare tax, to get your total taxes owed....
The unique tax rate structure for each entity is applied to the income amount you enter in order to calculate the taxes owed. Keep in mind that these calculations do not account for deductions. Therefore, you should enter your net taxable income after deductions to estimate a fairly accurate figure.
U.S. Income Tax Rates
Our IRS tax rate calculator operates based on the United States federal tax system, and the economic adjustments that are made each year to account for inflation or deflation, and in some cases the government driven collapse of our economy. Yup! we can pretty much blame our deficit on them!!!
The tax rates used describe the ratio or percentage at which taxpayers are taxed based on filing status and income. There are several methods that can be used to present the tax rate in a format that represents the overall result as preferred. These methods include the following choices:
- Statutory Tax Rate
- The statutory tax rate is the imposed rate legally applied to your income. Income taxes often have multiple level statutory rates based on the amount of income earned.
- Average Tax Rate
- Average tax rate refers to the ratio of total taxes paid - to total tax base - (taxable income or spending), which is expressed as a percentage.
- Marginal Tax Rate
- A marginal tax rate refers to the tax rate a taxpayer pays on the last dollar earned in their annual income. Therefore, the marginal tax rate is the percentage paid based on the highest tax bracket your income level reaches into. on the last dollar earned. The highest marginal tax rate based on the United States income tax system for 2014 is 39.6%.
- Effective Tax Rate
- Generally an effective tax rate calculation attempts to adjust a nominal tax rate to make it more useful as an overall calculation. The term is often used in financial reports to measure the total amount of taxes paid as a flat percentage of the individuals or company's gross income, instead of a percentage of taxable income.
For Americans, the tax brackets allow taxpayers to see what rate each portion of their income from each tax bracket is taxed at.
By using our tax calculator above you can see the overall tax amount owed on all of your income from each tax bracket. This will require three calculations, one for income tax, one for social security tax, and one for Medicare tax. You can then add them together for total IRS tax liability.
Our Free Tax Rate Calculator is provided as an estimation tool and it is only as accurate as the data you enter. It is not intended to be used to calculate final federal exact tax amounts. It is an estimation tool only!