Simple Federal Tax Calculator (Tax Year 2016)
Financial Calculators from
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Exemptions & Filing Status: |
Income: | $0.00 |
Total payments & credits: | $0.00 |
REFUND_OR_OVERPAYMENT_TEXT REFUND_OR_OVERPAYMENT_AMT |
Simple Federal Tax Calculator (Tax Year 2016) Definitions
Federal Income Tax Rates:
Use the ‘Filing Status and Income Tax Rates Table’ to assist you in estimating your federal tax rate.
| Tax Rate | Married Filing Jointly or Qualified Widow(er) | Single | Head of Household | Married Filing Separately |
|---|---|---|---|---|
| 10% | $0 - $18,550 | $0 - $9,275 | $0 - $13,250 | $0 - $9,275 |
| 15% | $18,550 - $75,300 | $9,275 - $37,650 | $13,250 - $50,400 | $9,275 - $37,650 |
| 25% | $75,300 - $151,900 | $37,650 - $91,150 | $50,400 - $130,150 | $37,650 - $75,950 |
| 28% | $151,900 - $231,450 | $91,150 - $190,150 | $130,150 - $210,800 | $75,950 - $115,725 |
| 33% | $231,450 - $413,350 | $190,150 - $413,350 | $210,800 - $413,350 | $115,725 - $206,675 |
| 35% | $413,350 - $466,950 | $413,350 - $415,050 | $413,350 - $441,000 | $206,675 - $233,475 |
| 39.6% | Over $466,950 | Over $415,050 | Over $441,000 | Over $233,475 |
*Caution: Do not use these tax rate schedules to figure 2015 taxes. Use only to figure 2016 estimates. Source: 2015 Rev. Proc. 2015-61
Filing status
Choose your filing status. Your filing status determines the income levels for your Federal tax bracket. It is also important for calculating your standard deduction, personal exemptions, and deduction phase out incomes. The table below summarizes the five possible filing status choices. It is important to understand that your marital status as of the last day of the year determines your filing status.
| Married Filing Jointly | If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately". |
|---|---|
| Single | If you are divorced, legally separated or unmarried as of the last day of the year you should use this status. |
| Married Filing Separately | If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately". |
For 2016, the standard deductions are $12,600 for married couples filing jointly, $6,300 for married couples filing separately and singles, and $9,300 for heads of household.
Dependents
A dependent is someone you support and for whom you can claim a dependency exemption. In 2016, each dependent you claim entitles you to receive a $4,050 reduction in your taxable income (see exemptions below). You may also receive a tax credit of up to $1,000 for each dependent child under the age of 17. The credit is, however, phased out for at higher incomes.
Exemptions claimed
Each exemption you claim reduces your taxable income by $4,050 for 2016. You receive an exemption for yourself, your spouse and one for each of your dependents.
Business income
Any income or loss as reported on Schedule C. If you have any income reported on Schedule E that is subject to self-employment taxes, that income should be entered here as well.
Adjusted gross income
Adjusted gross income (AGI) is calculated by subtracting all deductions from lines 23 through 33 from your total income. AGI is used to calculate many of the qualifying amounts if you itemized your deductions.
Taxable income
Your total taxable income is your AGI minus your itemized or standard deduction, and your deduction for exemptions.
Tax
This is the total federal income tax you owe for 2016 before any tax credits.
Total credits
Your total tax credits. This amount is subtracted from the total tax amount.
Total tax after credits
This is the total federal income tax you will need to pay in 2016.
Total other taxes
Any other taxes that you owe for 2016. This includes self-employment tax, alternative minimum tax, and household employment taxes.
Total tax
Grand total of your 2016 federal tax bill.
Total payments
Total of all tax payments made in 2016. This includes tax withheld from Forms W-2 and 1099, and estimated taxes paid, earned income credit and excess Social Security tax withheld.