1040 Tax Calculator

1040 Tax CalculatorKnowing your income tax rate can help you calculate your tax liability for unexpected income, retirement planning or investment income. This calculator helps you estimate your average tax rate for 2011, your 2011 tax bracket, and your marginal tax rate for the 2011 tax year. Please read on to learn more about the 1040 tax calculators and our other services.

Our tax calculators provide the information you need to ensure correct filing figures. Working with My Accounting Center ensures a fast, start-to-finish tax calculation procedure. Our Tax Center's other services include:

  • Track Your Refund: Ensure a fast and accurate refund with My Accounting Center.
  • Tax Due Dates: Make sure that you never miss a due date with My Accounting Center.
  • Tax Rates: Stay knowledgeable about changing tax rate issues.
  • Tax Forms and Publications: We offer IRS forms and publications for free download.
  • Tax Records Guide: Consult our comprehensive guide to tax records safekeeping - and disposal.
  • State Tax Forms: Print and view tax forms for your state.
  • Income Tax Calculator: Make calculating your taxes easy and stress-free.

My Accounting Center's Tax Center is one of our customers' favorite resources, but our real strength is in our human resources - we employ a trained and talented team of accountants, bookkeepers and financial services experts who will guarantee a swift resolution to any and all 1040 tax calculator questions - or questions on any accountancy subject. Visit our site or contact us today to learn more about 1040 tax calculators.

  • 1040 Tax Calculator
    How much tax will you pay this year? Will you get a refund? Enter your filing status, income, deductions and credits and we will estimate your total taxes for the year.
  • 1040 EZ Tax Estimator
    The 1040EZ is a simplified form used by the IRS for income taxpayers that do not require the complexity of the full 1040 tax form. Simply select your tax filing status and enter a few other details to estimate your total taxes for the year.
  • Marginal and Effective Tax Rates
    Knowing your income tax rate can help you calculate your tax liability for unexpected income, retirement planning or investment income. This calculator helps you estimate your effective (or average) tax rate, your current tax bracket, and your marginal tax rate.
  • Earned Income Credit (EIC) Calculator
    Use this calculator see if you qualify for the Earned Income Credit, and if so, how much it might be worth to you and your family.
  • Like Kind Exchange Calculator
    If you exchange either business or investment property that is of the same nature or character, the IRS won't recognize it as a gain or loss. This calculator is designed to calculate and recognized loss, gains and the basis for your newly received property.
  • Self Employment Tax Calculator
    Use this calculator to estimate your self employment taxes.
  • Payroll Deductions
    Use this calculator to help you determine the impact of changing your payroll deductions. You can enter your current payroll information and deductions, and then compare them to your proposed deductions. Try changing your withholdings, filing status or retirement savings and let the payroll deduction calculator show you the impact on your take home pay.
  • Hourly Paycheck Calculator
    Use this calculator to help you determine your paycheck for hourly wages. First, enter your current payroll information and deductions. Then enter the hours you expect to work, and how much you are paid. You can enter regular, overtime and one additional hourly rate.
  • Net to Gross Paycheck Calculator
    This calculator helps you determine the gross paycheck needed to provide a required net amount. First, enter the net paycheck you require. Then enter your current payroll information and deductions. We will then calculate the gross pay amount required to achieve your net paycheck.
  • Flexible Spending Account Savings Calculator
    Use this calculator to see how participating in your employer's "Flexible Spending Account" can help you pay less tax and increase your net take-home pay.

DEFINITIONS:
2011 Tax rates:
In 2011, Federal income tax rates were scheduled to increase to pre-2001 levels, but the "Tax Hike Prevention Act of 2010" left the existing tax brackets in place through 2012. The income ranges were increased modestly for inflation, but otherwise remained the same as 2010. Below are the resulting tax rates and income ranges for 2011

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

Dependents
A dependent is someone you support and for whom you can claim a dependency exemption. In 2011, each dependent you claim entitles you to receive a $3,700 reduction in your taxable income (see exemptions below). In 2011, each dependent under the age of 17 also receives a tax credit of $1000. The credit is, however, phased out for at higher incomes.

Total exemptions claimed
Each exemption you claim reduces your taxable income by $3,700 for 2011. You receive an exemption for yourself, your spouse and one for each of your dependents.

Capital Gain or Loss
This is the total capital gain you realized from the sale of assets. This calculator allows you to enter your total short-term capital gain for investments held less than one year and your total long-term gain for investments held at least one year. Any amount you enter as a short-term capital gain is taxed as normal income. Any amount you enter as a long-term capital gain is taxed as follows:

  • This calculator assumes that all of your long-term capital gains are taxed at either 0% or 15%.
  • The tax is 0% for the portion of your gain that would have been taxed at 15% or lower tax if it were a short-term gain.
  • The tax is 15% for any of your capital gain that would have been taxed at a rate higher than 15% if it were considered a short-term gain.
  • This calculator assumes that none of your long-term capital gains come from collectibles, section 1202 gains or un-recaptured 1250 gains. These types of capital gains are taxed at 28%, 28% and 25% respectively (unless your ordinary income tax bracket is a lower rate).

Capital gains were schedule to increase in 2011, however the "Tax Hike Prevention Act of 2010" left them at their existing rates shown above. For more information on capital gains tax rates and how they are applied, you may wish to read IRS Publication 17: Your Federal Income Taxes.

Business income or loss from Schedule C
Any income or loss as reported on Schedule C.

Income from Schedule E
Rental real estate, royalties, partnerships, S Corporations, trusts, etc.

Total income
Total income calculated by adding lines 7 through 21 on your form 1040. For most taxpayers this includes wages, salaries, tips, interest, dividends and gains and losses from a variety of activities.

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 2011 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 2011.

Total other taxes
Any other taxes that you owe for 2011. This includes self-employment tax, alternative minimum tax, and household employment taxes.

Total tax
Grand total of your 2011 federal tax bill.

Total payments
Total of all tax payments made in 2011. This includes tax withheld from Forms W-2 and 1099, and estimated taxes paid, earned income credit and excess social security tax withheld.

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