Use the Modern Income Tax Calculator & Get Estimate of Your Tax Liability in Seconds!
The new income tax calculator is one of the best tools that are available in the market right now, which can help people in calculating their tax liability and tax refunds. Now, you can use the taxfyle’s tax calculator and easily calculate or get the estimation of your taxes and refund. It is very simple and easy to use. I am going to tell you how.
Simple Version Options for Filing
Firstly, there will be 2 versions. A simple version of the income tax calculator and an advanced version of the tax calculator. In the simple version, you will get the following options – Filing Status, W-2 Income, & W-2 withholding. And in the advanced version, you will be asked the following- there will be extra details which shall be asked.
Advanced Version Filing Options
In the advanced version, you will be asked –Filing Status, No. of Child Dependents, No. of non-child Dependents, W-2 Income, W-2 Withholding, Self-Employment Income/Unemployment Income, Mortgage interest, Charitable contributions, Medical Expenses, Child and Dependent care expenses, Student loan interest and Quarterly estimated payments.
So, you will have to fill all these details in the advanced version. The more details you fill up in the tax calculator, the more accurate the tax estimation will be able to give out. The income tax calculator is a perfect one. The only thing which you are required to do is fill in the correct details.
Various Options in Filing Status
Now, there will be an option of filing status in both a simple calculator and an advanced calculator of tax. So, in this, if you choose you are married, and then you get 2 options, married filing jointly and married filing separately. This part you should discuss with your spouse and then fill up the details. Also, you can ask the taxfyle team if you have doubts.
Why I am telling you this is because it will help in calculating your tax rate and standard deductions properly. The options available for filing of status are single, married filing jointly, married filing separately, head of household, and qualifying widower. So, make the choice of your options correctly. Take help from taxfyle income tax calculator team.
How Does this Tax Calculator Works?
This tax calculator has been designed in such a fashion to calculate your tax refund and tax liability. It is based on a few different factors like filing status, income, and withholding. As you know the advanced version asks for more detailed sort of information, so after the tax calculator takes all the information, it will calculate your adjusted gross income i.e. AGI.
After the tax calculator has determined your AGI, it will find the applicable tax rate, & later apply the same on your income to find out your tax liability. In case if you have overpaid then it will show a tax refund estimate. And in the event you have not paid your taxes, it will show tax liability. This is how it works.
Success Team to Help
If you have any doubt on this tax calculator then you should reach out to the success team of taxfyle. They will help out and solve your problems with the accuracy of the tax calculator.