Q:

How can you estimate your tax liability using Jackson Hewitt's tax calculator?

A:

Quick Answer

Users calculate their tax liability by entering filing status, income, adjustments and credits into the Jackson Hewitt online tax calculator, according to the instructions on the JacksonHewitt.com resource center. They can also calculate tax refunds if applicable after adding exemptions into the calculator.

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Full Answer

Exemptions reduce taxable income by $4,000 each as of 2015, and they include those for the filer, their spouse and dependents as applicable. In addition to exemptions, adjustments and credits include either standard or itemized deductions.

As of 2015, the website's Resource Center also offers a tax table for estimating the appropriate tax rate for 2015 taxes based on filing status, which determines the user's income bracket, as explained by Jackson Hewitt. Marital status for tax purposes is determined on the last day of the tax year, and filing status choices include Married Filing Jointly, Married Filing Separately, Qualifying Widow or Widower, Single, and Head of Household. Other factors that determine taxes include short- and long-term capital gains or losses; business income or loss; and income from rentals, royalties, S corporations and Schedule E, according to Jackson Hewitt. Other online calculators offered by Jackson Hewitt include a self-employment tax calculator, an Earned Income Credit calculator, a form 1040EZ calculator and an estate tax calculator.

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