The most reliable federal tax calculator can be found on the IRS's website. This calculator allows individuals to determine what amount will be owed or returned when it comes time to file taxes.Continue Reading
The IRS's free online federal tax calculator can calculate what a tax return will look like by allowing the user to plug in the information from a W-4. In order to ensure accuracy, the user should have a recent pay stub available as well as the most recent tax return. This calculation can help individuals create a new W-4 form for employers. Other companies such as H&R Block and TaxACT also offer free online federal tax calculators.
Users must have certain criteria accessible to plug in the correct information, such as income and expenses. Users should also be prepared to share personal information such as marital status, dependent status and age. Some of the more detailed tax calculators may also ask users for disability status, health insurance information and child disability status. Based on the information provided, the calculators can show what a person owes in federal taxes. The federal tax calculators are in no way a formality when filing taxes, and individuals should consult a tax professional with any questions.Learn more about Taxes