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Income taxes imposed at the federal and state levels and filing tax returns are required by law. This year’s last date to file tax returns is 17th April. You need to prepare for this and you need to know what bracket you fall under to be able to file accurately. Using a tax calculator can help you a great deal but that is just an estimation based on the information you provide it.
The accuracy of the amount the calculator throws up depends on the information you have fed into it. The calculation is only an estimation. You won’t know the actual refund till you actually file the returns. But as a rule of thumb, the more the information you give, the more accurate the estimation.
These online calculators do not generally ask for sensitive information like your social security number. But if you aren’t too happy with divulging information then be sure the site has its security certificate. The site address should start with “https” and not “http”. The “s” denotes that it is secure and is what it claims to be.
The process of preparing income tax returns is called tax preparation and can be done by a taxpayer with or without the help of tax preparation software and online services. It can also be done by a professional – an attorney, certified public accountant or enrolled agent or by an unlicensed tax preparation business.
Yes. The Free File Alliance is a group of tax preparation companies who’ve partnered with the IRS to provide free tax preparation software services for those with less than $62,000 of adjusted gross income. Those who make more than this amount can use Free File Fillable Forms, an electronic version of the IRS’ paper forms.
The more you earn the more tax you pay. The amount of taxable income that you earn will determine which tax bracket you fall under. If you’ve earned more this year than you did the last year, only the money that falls under that higher tax bracket is taxed at the higher rate. The marginal income tax bracket is the highest tax rate that one must pay. Currently there are six marginal income tax brackets for each federal filing status – 10, 15, 25, 28, 33, and 35 percent.
Every state is different when it comes to tax structures and rates. While some states have a tiered bracket system; some states employ one rate for all incomes and some require people to pay income tax at all. The states where no income tax is levied is Alaska, Florida, Nevada, South Dakota, Texas, Washington and Wyoming.
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