How to Calculate IRS Taxes

Knowing your Federal IRS tax amount due can prepare you to fill out your 1040s at the end of the tax year.

When it's time to send in your taxes, you'll have to calculate how much money you owe the Internal Revenue Service, so that you can pay your tax debt and avoid any penalties. To calculate your IRS taxes, you'll have to have a copy of your W2s from your employer, or a copy of your last pay stub, and a list of any credits, deductions, or payments that can reduce what you owe. The IRS system of calculating your debt also takes your marital status and dependents into account. To make the process simpler, you can put your data into an online calculator and quickly see what your IRS taxes will be.

Things You'll Need

• W2 form

Instructions

1. Choose an online calculator. Personal Finance Analyst, www.personalfinanceanalyst.com, offers a list of calculators that you can use.

2. Choose your filing status on the calculator. You can choose from single, married filing together, married filing separately, head of household, or widowed.

3. Put your income into the calculator. You can find this on your W2 or on your last pay stub.

4. Fill in any other blanks that your chosen calculator requires. Some will tell you your expected tax debt with only your filing status and your income. Others are more specific and will ask for the number of your dependents and whether you've had any unemployment compensation.

5. Choose "Calculate" or "Submit" to see your federal income tax.

References

• Personal Finance Analyst: Federal Income Tax Table
• Fair Mark: Your Tax Bracket

Resources

• H & R Block: Tax Tips and Calculators
• Kiplingers: Tax Withholding Calculator
• Credit Federal: Free IRS Tax Calculator