Q:

What are some good calculators for estimating the amount of income tax owed?

A:

Quick Answer

The top tax calculators include TaxCaster from Turbo Tax, the H&R Block Tax Estimator, and the TaxCalculator from TaxAct, according to Heavy. The company also recommends the TaxBrain Tax Estimator and the eSmartPaycheck tool.

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Full Answer

Individuals can use TurboTax's TaxCaster tool online as well through mobile applications for iOS and Android devices, explains Turbo Tax. TaxCaster allows users to input their personal information, such as marital or head of household status, as well as age and income, including income from business sources. The site then provides users an opportunity to enter key information about family, education, household and charitable expenses, as well as various other deductions. Using this, the site provides a calculation of an individual's total income, deductions, exemptions and taxable income. The site also considers the alternative minimum tax, applicable tax credits, and payments made by the taxpayer throughout the year in order to indicate the user's expected tax refund and final marginal tax rate.

TaxBrain's Tax Estimator provides similar features, but includes more in-depth questions to address advanced tax issues, notes Heavy. The TaxBrain website presents options for taxpayers to indicate permanent blindness, an unlimited number of dependent exemptions, health care coverage status for both children and adults, short- and long-term capital gains and unemployment compensation. Users can also indicate additional sources of income, such as Social Security benefits, early and regular pension distributions, gambling and babysitting.

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