How to Calculate Estimated Income Tax on Intuit

Intuit is a software producer that has numerous accounting tools that businesses and individuals can use to track their finances. Although many of the software programs, including the tax preparation program TurboTax, require that you pay a fee to download, Intuit also makes tax estimators that are free to use. Calculate estimated income tax on Intuit by using one of these tools.

Difficulty: Moderately Easy

Instructions

1. Visit the TurboTax website available from Intuit (see Resources). Under the tax tool section, locate the TaxCaster icon. This is a free tool that is simple to use and can be accessed at anytime in order to calculate estimated income tax.

2. Enter your personal information on Intuit after you launch TaxCaster. This will include age, marital status and whether or not you are head of household.

3. Include your earnings data. Income sources include wages, interest payments, dividends, IRA, social security benefits, alimony and miscellaneous income. If you own a business, you will have to enter your earnings from the business as well.

4. List all deductions on TaxCaster to estimate income tax on Intuit. The deductions are separated into several different categories. Categories for deductions are home, donations, retirement, education, family and other taxes.

5. View your estimated income tax on Intuit after you have completed the TaxCaster form. Intuit will break down the data in an easy to read chart. The chart will list your total income, deductions, exemptions, marginal tax rate and estimated refund.

6. Find out the estimated tax on your IRA. Another free tool from Intuit is the IRA Calculator. Enter your IRA contribution to receive an estimate on the marginal tax savings you will receive. You can also make tax estimate comparisons between traditional and Roth IRAs.

Resources

• Download a free tax estimator tool from Intuit