How to Calculate Federal Income Tax to Pay to the IRS

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Calculate federal income tax that needs to be paid to the IRS by using a 1040, 1040A or 1040EZ form, finding your taxable income in the table, choosing a tax status and locating the amount of taxes that are owed. Find out how much to pay in taxes each years with help from a tax consultant in this free video on taxes.

Part of the Video Series: Tax Tips & Information
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Video Transcript

Hi, we're here to talk about how to calculate your income tax on your federal return. There are a number of tables that are available, depending on the return that you select. A 1040 will have a table, 1040A and 1040EZ, they will each have there own table, but the process is the same regardless as to which form you use. You typically will look at your taxable income on your 1040, 1040A or 1040EZ and from that number you will go to the table, find that amount on the range of income and if you come right across to your filing status, be it single, married filing jointly, married filing separately, half household, etcetera, come across and find the amount of tax due in that column. Using the table from the 1040EZ, just for simplicity's sake, if you were to say make thirty six thousand two hundred dollars, you would come across to this column where it's got the thirty six thousand. You would come down to thirty six two hundred, the range thirty six two hundred to thirty six two fifty would be the range you'd be in. You would come across here. Now, on the EZ, they've only got two options. You've got single or married filing jointly. So you'd come down to your thirty six thousand two hundred. If you are married filing jointly, you would come across to the column under married filing jointly, and you can see your tax due would be four thousand six thirty one. And it's just that simple. The hard part's writing the check.

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