Knowing the marginal tax rate is imperative as it is used by most of the tax calculators. This calculator will assist you to find out the Federal Tax Rate, Marginal Tax Rate, and Tax Bracket applicable for you depending on your tax filing status. Findings of the whole calculation are summarized in the attached reports.
Federal Income Tax Rates:
Federal Income Tax rate applicable on your level of income. Click here for the Federal Income Tax details.
Tax rate and tax bracket depends on your filing status. In this federal tax calculator, there are five options to choose from: married filing jointly, single, head of household, married filing separately, qualified widow(er). Following table summarizes these filing statuses.
Married Filing Jointly
Filing a joint tax return with your spouse. You can continue to take the benefit of filing jointly for current year if your spouse dies during the year.
Widow from the last tax year and major expenses provider for a child or stepchild.
Filing separately as you are unmarried or divorced and legally separated.
Head of Household
Unmarried and paying more than half of the costs of running a home. Married, but separated for the last six month and have a child can also file this status.
Married Filing Separately
Married but not filing jointly with your spouse.
Are you someone’s dependent?
Select ‘Yes’ if you are dependent on someone else. Chose ‘Both myself and my spouse’ if you and your spouse (in case of joint filing) are dependent on someone else’s income. Otherwise, choose ‘No’.
Number of additional dependents
The number of peoples who are depending on you. In 2013, you were entitled to receive a tax deduction of $3,900 for each of the dependent person you claim. Additionally, if you have child under 17, you are able to receive up to $1,000 as tax credit for each of them.
State income tax, medical expenses beyond 7.5% of the adjusted gross income, mortgage interest, investment expenses, moving expenses, contributions in charity etc. are some examples of itemized deductions. Include these expenses on schedule A of the Federal income tax return.