Tax Calculators Key Terms

Find out which calculators can save you money at tax time

There is a variety of tax calculators available online. These tax tools help you estimate your refund, determine your withholdings, figure out sales tax and determine self employment taxes. Tax calculators, while useful, won't always give an accurate calculation. It's important that you use the calculators with the understanding that the amount shown may change when actually filing taxes or receiving a paycheck. It's also important to know which calculator offers the calculations you need.

 

Tax withholding calculator

A tax withholding calculator tells taxpayers if they are having too much or too little tax withheld from their paychecks. Having too little tax withheld can cause a person to owe taxes at the end of the year. By using a tax withholding calculator, an employee can determine if they should change their tax withholdings through their employer.
Try: Find out more about the IRS Withholding Calculator and who should use it.

Sales tax calculator

If eligible, the IRS lets taxpayers deduct sales tax at the end of the year. One way to do this is to save all sales receipts for the year and calculate the amount of sales tax paid. Another way is to use a sales tax calculator that determines the amount of sales tax you can claim by using information from your 1040 tax form.
Try: Find out more about the Sales Tax Deduction Calculator and how to determine the amount you can claim.

Tax calculator software

Besides the free calculators offered on the IRS website, there are free downloads available. There are tax bracket calculators, tax lien calculators and tax form software available for free download.
Try: You can check out the types of calculator software available at ITNT.

Paycheck calculator

A paycheck calculator uses inputted information and shows an employee or employer the net pay and gross pay. There are salary paycheck calculators and hourly paycheck calculators. An employee can use a paycheck calculator to determine their take home pay after taxes and use the information to lobby for an appropriate raise.
Try: Learn more about paycheck calculators and how to use them at PayCycle.

Self employment tax calculator

Normally, an employer withholds taxes from your paycheck. Self employed individuals are responsible for covering taxes either throughout the year or at the end of the year. Using a self employment tax calculator can give you an estimated amount of taxes due at the end of the year. Knowing this helps the self employed set aside a little money at a time to pay taxes.
Try: Find out a little more about self employment taxes and use a self employment tax calculators at KJE Computer Solutions.

Marginal tax rate calculator

The marginal tax rate calculator can help determine the tax bracket your family or business falls into. By knowing your tax bracket, you'll have a better understanding of your tax liability each year. This sort of calculator can give you a reliable estimate of your tax liability.
Try: Use a marginal tax rate calculator at MortgageLoan.com.

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