This Income Tax Calculator is a ready reckoner for getting instant estimates for federal income tax for the years 2000-2007 and also finds the current tax bracket. "Tax bracket" shows percentage tax rate on the top dollars earned. Assuming that the income has increased by 100 in the current year and the applicable federal income tax rate is 28%, the additional income will be taxed at a 28% rate and there will be an additional federal tax of $28. This calculator quickly estimates the federal tax, average tax and the tax bracket. There are four categories of assesses for calculation namely: Single, Married filing jointly, Married filing separately, and Head of household. The Year of computation, Annual Income and the category of assesses have to be entered in the tabs provided. Once the details are provided the Estimated Federal Tax in $ and the Average Tax bracket is displayed at the bottom. It is a very convenient utility for individuals to get the Tax calculations though it has limited options for the dealing with the many exemptions that are applicable for different categories of assesses. It seems that the program has to be updated as the year’s progress
- Estimates your federal tax.
- Includes options for tax calculation based on filing status.
- Calculates average tax from the year.
- Finds the tax brackets.
- Includes data for the years 2000-2007.
- The options are inadequate for dealing with the many tax exemptions for different categories of assesses.
- The help menu has scope for making it more user friendly.