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.


calculator

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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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Federal Corporate Income Tax Calculator


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