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Marginal Tax Rate Calculator
Knowing your income tax rate can help you calculate your tax liability for unexpected income, retirement planning or investment income. This calculator helps you estimate your average tax rate for 2013, your 2013 tax bracket, and your marginal tax rate for the 2013 tax year.
Marginal Tax Rate Calculator for 2015
Federal Income Tax RatesUse the table below to assist you in estimating your federal tax rate.
Wages, salaries, tips, etc.This is your total income for the year. To keep things simple this calculator assumes this is your net income, after deductions for retirement contributions such as 401(k)s, IRAs, etc.
Filing statusChoose your filing status. Your filing status determines the income levels for your Federal tax bracket. It is also important for calculating your standard deduction, personal exemptions, and deduction phase out incomes. The table below summarizes the five possible filing status choices. It is important to understand that your marital status as of the last day of the year determines your filing status.
For 2015, the standard deductions are $12,600 for married couples filing jointly, $6,300 for married couples filing separately and singles, and $9,250 for heads of household.
Are you someone’s dependent?Choose ‘no’ if no one can claim you or your spouse as a dependent. Choose ‘yes’ if someone can claim you as a dependent. Choose ‘both you and your spouse if you both are dependents. (You are a dependent if someone supports you and can claim a dependency exemption for you.)
Number of additional dependentsA dependent is someone you support and for whom you can claim a dependency exemption. In 2014, each dependent you claim entitles you to receive a $4,000 reduction in your taxable income.
Dependents qualifying for child tax creditYou may be entitled to a child tax credit for each qualifying child who was under age 17 at the end of the year if you claimed an exemption for that child. The credit is, however, phased out at higher incomes.
Itemized deductionsThis is the total of your itemized deductions that you can include on schedule A of your Federal income taxes. For most people this includes state income taxes paid for the year, interest on a mortgage and any charitable contributions. Other itemized deductions include certain investment expenses, medical expenses exceeding 7.5% of your adjusted gross income, and some moving expenses.Your standard deduction will be automatically calculated for you based on the filing status and number of dependents you enter. If the number you enter here is lower, your standard deduction will be used to determine your average tax rate.