Simple Income Tax Estimator

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Simple Income Tax Estimator Powered By Docstoc
                                                   INCOME TAX CALCULATOR

Step 1: Filing Status

Enter your filing status.                                                                                     Single


Step 2: Income

Enter your total anticipated annual income.                                                              $    95,000

Include salary, wages, bonuses, self-employment and unemployment compensation, dividends and interest.

Step 3: Dependents

Enter your total number of dependents.                                                                             1

Step 4: Deductions (if any)

Enter the total for your each of your deductions.

1.             Healthcare Expenses                                                                       $     1,000

2.             Taxes Paid                                                                                $     2,000

3.             Interest Paid                                                                             $     1,000

4.             Charitable Contributions                                                                  $      500

5.             Other                                                                                     $     2,000

Total Deductions                                                                                         $     6,500

Step 5: Taxable Income (Auto Calculate-Do Not Edit)                                                      $    90,550

Step 6: ESTIMATED TAX AMOUNT YOU OWE                                                                     $   17,205

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Description: The Simple Income Tax Estimator provides a template spreadsheet that sets forth an easy six-step method for calculating an individual's estimated federal income tax. Please note that the estimator provides a general estimate only and is solely based on general and limited assumptions. The individual should enter a filing status, income, number of dependents, and deductions. The spreadsheet will then automatically calculate an estimated taxable income and an estimated tax amount owed.
This document is also part of a package Personal Financial Planning Kit 28 Documents Included