Step 4: Identify your tax filing statusįind your tax filing status in the top row of the table. For example, if you have $33,460, you would use the income bracket ranging from $33,450 to $33,500. Find the income bracket that contains your taxable income in the left hand column of the table. Locate the tax table in IRS Publication 17 for the tax year you are filing. Also, when you use TurboTax to prepare your taxes, we’ll calculate your taxable income for you. ![]() Online calculators like our own TaxCaster calculator can help with this. Next, reduce your income further by any additional deductions you can take for yourself and your dependents to arrive at your taxable income. Beginning in 2018 these are no longer available. ![]() For tax years prior to 2018, you can reduce your income by personal and dependent exemptions. Your taxable income is generally equal to your gross income less the standard deduction for your filing status or the total of your itemized deductions. In 2023 for example, single filers can claim a standard deduction of $13,850 however, if you also qualify to file as head of household, your deduction increases to $20,800. This is important since the amount of your standard deduction will vary depending on which filing status you choose. ![]() The IRS allows you to choose any filing status that you are eligible for. Understanding how to use the tables will make it easier for you to calculate the tax you owe or can provide you with an estimate of your future tax bills in case you need to budget for it. To help individuals calculate their income taxes, the Internal Revenue Service publishes tax tables each year in the instructions to your tax return and in IRS Publication 17.
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