Using A Federal Estimated Income Tax Calculator

A federal estimated income tax calculator can be used to assist a taxpayer in determining the amount of federal taxes a taxpayer owes. It can also be used to determine the amount of refund that a taxpayer may have coming. There are many sites on the internet that provide easy to use federal estimated income tax calculators. They are easy to find by using a simple keyword search in any search engine.

Inputs Needed to Perform Calculation

A federal estimated income tax calculator will ask the taxpayer to provide basic information in order to make a determination about a person’s tax status. The information requested by the calculator includes filing status, number of exemptions, income, any deductions and credits. Most calculators will automatically put in the tax table rate for a taxpayer based on the amount if income they enter. This information can also be found in the tax table rate published by the IRS for the tax year.

An Estimate of Tax Status

Once this information has been input, the calculator will give you your tax refund or amount due. Please be aware that the number provided in the calculator is an estimate and an accurate calculation can be done when you prepare your actual tax return.