Tax Return

Federal Income Tax and You

Most of us have a responsibility to pay federal personal income tax, whether it is withheld from our paychecks or we pay it ourselves. But how is income tax calculated? What does the tax return calculator consider? And how can you lower the amount you owe? How will the tax reform bill affect how much you pay? Read on to learn more about federal income tax!

Filling Status

Filing status is a factor in how much tax is calculated at a certain level of taxable income. It's also tied to the eligibility ranges for certain deductions, credits, and exemptions. Your filing status will be one of the following: Single, Married Filing Jointly, Married Filing Separately, Head of Household, or Qualifying Widow(er). Select your status on the tax refund and tax reform calculator above.

Deduction

There are two ways to claim deductions, which can reduce your taxable income and therefore the amount of tax you owe. You can either claim the standard deduction —an amount based on your filing status— or you can itemize your deductions. Also, keep in mind that under the TCJA, certain deductions have been repealed or changed from what they were in previous years. Take a look at standard vs. itemized deductions so you can figure out which is best for you.

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Most of us have a responsibility to pay federal personal income tax, whether it is withheld from our paychecks or we pay it ourselves. But how is income tax calculated? What does the tax return calculator consider? And how can you lower the amount you owe? How will the tax reform bill affect how much you pay? Read on to learn more about federal income tax!

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