This calculator is a PHP University Project.
You can watch a time-lapse video of its construction on YouTube.
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.
Tax Liability
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.
| 2012 | 2013 | |
|---|---|---|
| Mode: | Single | |
| Gross Income: | $50,000.00 | $50,000.00 |
| Federal Income Tax: | $7,042.60 | $6,902.60 |
| Social Security Tax: | $2,100.00 | $3,100.00 |
| Medicare Tax: | $725.00 | $725.00 |
| Additional Medicare Tax: | ||
| Total Tax Liability: | $9,867.60 | $10,727.60 ($860.00; +8.72% more) |
| Net Income: | $40,132.40 | $39,272.40 |
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