NOTE: This U.S. Federal Individual income tax calculator shows the estimated personal taxes owed by both individuals and married couples, whether employeed or self-employeed.
The 2013 income tax calculations are what the law currently specifies will be owed by Americans in the year 2013, unless Congress (beleaguered by the debt ceilling, a Presidential election, and massive looming automatic budget cuts) has the time and wherewithal to change the law.
The numbers are pretty troubling: 24% more taxes for the typical family. Leading economists have started stating that if the fiscal cliff isn't resolved, it could lead to a 20% market correction by March 2013.
But this is just part of the looming Fiscal Cliff [youtube.com] that awaits us, that could be much more worse than people have predicted so far. It is speculated by leading theorists and politicians that there is a 70% chance the taxes will be owed if Obama is re-elected, and 30% if Romney is.
Check out my latest guide: The College Alternative: A Path To Retiring By 50 Without Needing a Job or Degree.
Yes! Congress took action and *permanently* fixed the Alternative Minimum Tax, which would have been much worse than what's listed.
2013-01-03 14:02 EST UPDATED FOR THE FISCAL CLIFF COMPROMISE~! The calculator is now using the final tax rates according to the IRS.
|Federal Income Tax:||$14,085.10||$13,805.10|
|Social Security Tax:||$4,200.00||$6,200.00|
|Additional Medicare Tax:||$0.00|
|Total Tax Liability:||$19,735.10||$21,455.10
($1,720.00; +8.72% more)
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