How do you read a 2014 IRS 1040 tax table?


Quick Answer

To read a 2014 IRS tax table, you first need to determine your filing status and calculate your taxable income, explains TurboTax. Then, determine your tax bracket, identify your filing status, and find the amount of tax you owe.

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Full Answer

Determining your filing status is important because it dictates the amount of tax deduction you can take, says TurboTax. Your taxable income is usually equal to your gross income minus the standard deduction for your filing status, or the amount of your itemized deductions. Subtract the other deductions you're eligible to claim plus any exemptions you can take for yourself and your dependents. TurboTax provides an online calculator that help you better calculate your taxable income. When using tax-preparation software, the software does all of the calculating.

In the 2014 version of IRS Publication 17, you should locate the income bracket that contains your taxable income, which is located in the left-hand column of the tax table, as stated by TurboTax. Locate your filing status in the top row of the table, and cross-reference the two. The tax you owe is indicated where both columns intersect. Tax tables can determine the amount of tax you owe or provide an estimate for future taxes due.

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