Federal Income Tax  
Paying federal income taxes is one of most people’s least favorite annual activities. As a result, many people tend to procrastinate by not planning for their taxes each year and by completing and filing the forms at the last possible minute. This calculator is designed to help you estimate your annual federal income tax liability.
     

What is your tax filing status?

What is your total pre-tax income? Include W-2 income, interest, dividends, rental income, etc.

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Enter the total contributions made to all employer-sponsored plans this year (e.g., 401(k) plans, traditional IRA’s, etc).

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Enter your deduction(s). If you itemize your deductions, enter that total here. Otherwise, enter the appropriate standard deduction. For the 2012 tax year, the standard deductions are as follows: single, $5,950; heads of households $8,700; married filing separately, $5,950; married filing jointly, $11,900.

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Enter the number of dependents/personal exemptions that you will be claiming. Generally, this will be you, your spouse, and your children.

 
   
   
R S Palastro Financial Planning Services, Inc.
1440 - 61 Street • Brooklyn, NY • 11219-5407
Phone: 718-633-9500 • Fax: 718-438-0570
• rpalastro@walnutstreet.com

Ron Palastro is a registered representative and investment advisor representative of and offers securities and investment advisory services through Walnut Street Securities, Inc. (WSS) Member FINRA / SIPC.  Financial Planning offered through R.S. Palastro Financial Planning Services.    R.S. Palastro Financial Planning Services is not affiliated with WSS.

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