Estimating income tax for 2016

Estimate Your Taxes Now. Prepare and e-File Your Tax Returns Now at eFile. Get Your Biggest Tax Refund Faster. Include your income, deductions, and credits to calculate.

For estimated tax purposes, the year is divided into four payment periods.

For example, if you calculate that you have tax liability of $ 0(based on your taxable income and your tax bracket) and you are eligible for a tax credit of $ 2that would reduce your liability to $ 800. Tax credits are only awarded in certain circumstances, however. This includes taxpayers who owe alternative minimum tax or certain other taxes, and people with long-term capital gains or qualified dividends. You would only owe $ 800. Taxes are unavoidable and without planning, the annual tax liability can be very uncertain.

Use the following calculator to help determine your estimated tax liability along with your average and marginal tax rates. Think of this as your. This interactive, free tax calculator provides accurate insight into how much you may get back this year or what you may owe before you file.

Select the best option for you. Access IRS Tax Forms. Complete, Edit or Print Tax Forms Instantly. Free for Simple Tax Returns. Maximum Refund Guaranteed.

Industry-Specific Deductions. Fiscal year taxpayers. The calculator will calculate tax on your taxable income only. Does not include income credits or additional taxes. Based on the tax bracket you enter the calculator will also.

This tax calculator is solely an estimation tool and should only be used to estimate your tax liability or refund. It should not be used for any other purpose, such as preparing a federal income tax return, or to estimate anything other than your own personal tax liability. How to make an estimate of your expected income. Start with your household’s adjusted gross income (AGI) from your most recent federal income tax return.

Don’t have recent AGI? See another way to estimate your income.

Add the following kinds of income , if you have any, to your. High incomes will pay an extra 3. Net Investment Income Tax as part of the new healthcare law , and be subject to limited deductions and phased-out exemptions (not shown here), in addition to paying a new 39. Credit Card Calculator. To figure your estimated tax , you must figure your expected adjusted gross income. The challenge to estimating taxes accurately, besides all of the erratic income sources, is that “you are dealing with three different tax systems—the 3. Have you ever been asked for your approximate tax bracket by an advisor, attorney, financial provider, or even a Fidelity representative?

Property taxes are one of the oldest forms of taxation. In fact, the earliest known record of property tax dates back to the 6th century B. A combined income greater than $30means that up to of your benefits could be taxable. Look at the tax brackets above to see the breakout.