Free Tax Calculator 2014 - Calculate Income Tax, Sales Tax Online

How to Calculate the US Individual Income Tax

Everything You Need To Know

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There are different ways. First off, if you are an individual or work for a company, the company pays payroll taxes and you pay your portion of the payroll income taxes.

Quick Links: Kindly use

Payroll tax calculator

to calculate payroll taxes.

You also pay the federal individual tax (use fedaral tax calculator to find FIT). with that company sends that to the IRS and at the end of the year your company calculates everything for you and, issues you a W2. Now with that W2, you prepare your individual income taxes. There you see a Wage, Amount and How much taxes you paid in the whole year. If you have multiple employers during that same year, you will have multiple W2's.

The second face is, if you have your own company and you are getting money from different customers. Each one may issue you a ITIN (Individual Taxpayer Identification Number). That number is your gross amount. You can deduct different expenses from that gross amount. The net amount of that income is then taxed at two different levels; 1. The self employeed Tax level and, 2. ON your ordinary income; on line twleve on the page 1 of your personal income tax return.

Those are some of the ways which you liable to pay income tax. That's how to pay and calculate your individual income tax return.

How to File an Individual Income Tax Return

First off, you have to get and organized all of your income statements from all your employers, all your interest papers, all your stocks, if you have any rental income, every business in which you are in or do business with will send you copy of everything they have sent to the IRS. Secondly, you can go the IRS website and download the form 1040 individual income tax return. Read the instructions and do it yourself. Or you can go to there and analyze and prepare your individual income tax return with their help. They know what is right and what is wrong. And should advise you to prepare your own individual income tax return.

How to Calculate Sales Tax?

Follow the following simple steps and, you may also use calculator available on bottom/right side for sales tax calculations.

Multiply the product cost by percentage of tax. For example; If product cost is $135 and, the tax percentage is 9.23%, then the equation will become (135*9.23)/100
The above formula will give you exact Sales Tax amount on your product. In above example it is $12.46
So, the final product price will become (product cost + tax amount). For above example it will be $147.5

TIP: You can get the latest tax rates in detail on top in Google Search Engine Results Page (SERP) by using query like; "nys sales tax rate"

About Income Tax Refund Calculator

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Something everyone should know on Tax Day

It's tax time again April fifteenth when our minds turns to paying the taxes when we are all possibly getting a tax refund. But what we don't think about enough is whether a tax system is fair? The richest one percent of Americans are now getting the largest percentage of total national income in almost a century. So you might think they pay a much higher tax rate than anybody else. But you would be wrong.

Many millionaires pay a lower federal tax rate than many middle-class Americans. Some don't pay any federal taxes at all. That's because they're allowed to deduct from their taxable income.

Things Everyone Should Need To Know About Tax Reductions

A taxable income calculated in the previous step of this practicograma have to apply the reductions contemplated the tax itself. After subtracting the first 700,000 euros exempt from declaring the value of equity is obtained what is known as taxable income. This amount will be taxed applies a scale. You can consult on the picture this step.

A taxable earnings computed in the previous phase with this practicograma must apply the reductions contemplated the taxes by itself. Following subtracting the 1st 800, 000 pounds exempt from announcing the worth associated with money is usually attained precisely what is recognized as taxable earnings. This kind of total will likely be taxed can be applied a level. It is possible to talk to within the snapshot this.

Useful Links: Income Tax Calculator - Sales Tax Calculator