Individuals enter several key pieces of information into the Jackson Hewitt tax calculator to receive an estimate of their tax liability for the current tax year. The calculator requires information about filing status, income, deductions and credits to estimate total taxes, according Jackson Hewitt.Continue Reading
An individual must first select his filing status. Options include single, married filing jointly, married filing separately, head of household and qualified widower. Next, the individual enters information about exemptions, including dependents, personal exemptions and spouse exemptions. Following the exemptions section, the individual enters his income information, including wages, salaries, tips, taxable interest, capital gains, dividends and alimony. The calculator then collects information about expenses that may affect adjusted gross income. The individual then selects either a standard or itemized deduction, according to the instructions provided by Jackson Hewitt.
The calculator determines taxable income using all entered information about income, exemptions, deductions, filing status and expenses. The user then enters information about tax credits or taxes he has already paid, Jackson Hewitt instructs. Once the individual has entered all the pertinent information, the calculator estimates tax liability, possible refunds and the applicable tax bracket. Below the tax calculator, the company lists a variety of definitions to help individuals understand how to use the calculator properly.
The tax calculator is a self-help tool for independent use. The company does not guarantee the calculator's accuracy, states Jackson Hewitt.Learn more about Income Tax