As we roll into the new year, tax season offers up a smorgasbord of confusing tax codes, deductions, credits and calculations.
Federal Tax Brackets Calculator
Part of those tax calculation formulas happens to be the IRS annual federal tax brackets and rates adjustments.
While the federal tax brackets adjust annually based on the economy, tax rates are added, subtracted, and adjusted based on our confused government.
Now you might ask, what makes our government so confused? The answer to that my friend is, you simply don't have enough time to hear it all, - but GREED is by far the biggest factor!
How To Use Our Federal Tax Brackets And Tax Rates Calculation Tool
Our tax bracket calculator allows you to see the current federal income tax brackets as well as the corresponding tax rates associated with those brackets based on tax filing status.
There are 3 federal taxing entities that are calculated into your total federal income tax bill. Each one is represented separately in the tax tool below. These 3 taxing entities include:
- Federal Income Taxes (based on filing status)
- Social Security Taxes (flat rate for everyone)
- Medicare Taxes (based on tax filing status)
Federal Tax Brackets and Rates Calculator
As you can see from the drop down list, each taxing entity nibbles away at your income to take their share of your riches. It's never fun watching a significant part of your income get taken away and wasted in many cases by poor government spending.
How Federal Tax Brackets Associate To Tax Rates
Each tax bracket for every filing status carries its own tax rate. The portion of your income that falls within each tax bracket is taxes at the associated rate.
Therefore several calculations need to be made for each tax bracket where you have earnings. Then those totals are all added together to get your final federal tax liability.
Simply right? well maybe not but it can be if you just use our federal income tax calculator that does all the hard work for you. Give it a try, it's Free!!!