Estimate how much you'll owe in federal taxes, using your income, deductions and credits — all in just a few steps.
Estimating a tax bill starts with estimating taxable income. In a nutshell, to estimate taxable income, we take gross income and subtract tax deductions. What’s left is taxable income. Then we apply the appropriate tax bracket (based on income and filing status) to calculate tax liability. Tax credits and taxes already withheld from your paychecks might cover that bill for the year. If not, you may need to pay the rest at tax time. If you’ve paid too much, you’ll get a tax refund.
The United States has a progressive tax system, meaning people with higher taxable incomes pay higher federal income tax rates. .
Don’t get too excited; this could be a sign that you’re having too much tax withheld from your paycheck and needlessly living on less of your earnings all year. You can to reduce your withholding easily right now so you don’t have to wait for the government to give you your money back later.
You can sign up for a payment plan on the IRS website. There are several to choose from, and they can provide peace of mind. , plus some other .
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