Q:

What information is provided in the 2014 IRS tax tables?

A:

Quick Answer

IRS tax tables display the specific dollar amount or percentage owed as it relates to income tax, notes Intuit TurboTax. This information changes each year and is available through Publication 17 issued by the Internal Revenue Service.

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Full Answer

To arrive at the appropriate tax amount on an IRS tax table, a taxpayer needs to know his filing status, notes Intuit TurboTax. This filing status is based on the status of the taxpayer on the last day of the tax year. Next, it is important to calculate taxable income by taking revenue and subtracting all associated expenses. It is then necessary to go to the IRS tax table section that contains both the relevant filing status and taxable income amount. This section then contains the relevant tax figure, either as a percentage or dollar amount.

The US Tax Center offers quick access to income tax brackets for each filing status. In addition, this website contains information related to personal exemptions and standard deduction amounts. These figures are useful when calculating taxable income. Taxpayers can also elect to take itemized deductions if the total of these itemized deductions exceed the standard deduction for that year. Taxpayers can perform all of the aforementioned calculations manually and utilize the IRS tax tables to arrive at taxable income. However, services such as Intuit TurboTax offer a basic questionnaire that assists in calculating taxable income.

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