Taxes are unavoidable and without planning, the annual tax liability can be very uncertain. Use the following calculator to help determine your estimated tax liability along with your average and marginal tax rates.
For “high-income” workers you may experience an increase in your federal taxes due to a number of provisions including personal exemption phaseouts, limits to itemized deductions, the 3.8% Medicare tax on net investment income, and the 39.6% tax brackets. If you itemize, you can read more about common tax deductions and if they apply to you. You can also use another one of our calculators to determine whether to itemize or take the standard deduction.