Federal Tax Calculator for taxpayers of USA is both for the tax year 2022 (filing April 2023 ) and for tax year 2023 (Filing April 2024 ) . The federal income tax system is progressive, and marginal tax rates range from 10% to 37% . The fedearl tax calculator , below , is based on tax brackets for 2022 and tax brackets for 2023.
US Federal Tax Calculator 2022 & 2023
The Internal Revenue Code provides that a tax payer can either claim a standard deduction or claim itemized deduction . The list of items of itemized deduction is quite long . Claimming itemized deduction requires you to keep records . Many times, the wrong or unusual claim of itemized deduction become a cause of IRS Audit of your return.
5 Tax Credits Incorporated in the federal tax calculator 2022 & 2023
Tax credits can be claimed by user while estimating the total tax. When you answer the question ” ” as YES”, fieve tax credit fields will open.The calculator will reduce the aggregate of these credits to determine ultimate tax liability or the refund .
Can State & local taxes be claimed while using federal tax calculator 2022 & 2023 ?
There is an option in the tax calculator to opt for either Standard Tax or Itemized Tax .If you select the itemized tax , you can claim state & local tax paid during the year for which tax is being calculated.But , there is maximum limit for claim of state & local taxes at $10,000.