Wednesday May 16th, 2012

1040EZ Tax Form Calculator

The 1040EZ is a simplified form used by the IRS for income taxpayers that do not require the complexity of the full 1040 tax form. Simply select your tax filing status and enter a few other details to estimate your total taxes for 2008. Based on your projected withholdings for the year, we then show you your refund or the amount you may owe the IRS next April.

1040EZ Tax Calculator

Your taxes are estimated at LINE_56_TOTAL_TAX.

**GRAPH**

This is AVERAGE_TAX_RATE of your total income of LINE_22_TOTAL_INCOME. Your total tax payments for the year were LINE_64_TOTAL_PAYMENTS. REFUND_OR_OVERPAYMENT_TEXT is estimated at REFUND_OR_OVERPAYMENT_AMT. Your income puts you in the BRACKET_TAX_RATE tax bracket.

REFUND_OR_OVERPAYMENT_TEXT REFUND_OR_OVERPAYMENT_AMT
Filing status	LINE_1_FILING_STATUS
Personal exemption	LINE_6A_PERSONAL_EXEMPTION
Spouse exemption	LINE_6B_SPOUSE_EXEMPTION
Total exemptions claimed	LINE_6D_TOTAL_EXEMPTIONS_CLAIMED
Wages, salaries, tips, etc	LINE_7_WAGES_SALARIES_TIPS_ETC
Taxable interest	LINE_8A_TAXABLE_INTEREST
Unemployment compensation (first $2400 is not taxable)	Taxable: LINE_19_UNEMPLOYMENT_COMPENSATION Total benefit: TOTAL_UNEMPLOYMENT_COMPENSATION
Total taxable income	LINE_33_ADJUSTED_GROSS_INCOME
Can someone claim you as a dependent?	LINE_36_CAN_SOMEONE_CLAIM_YOU_AS_A_DEPENDENT
Standard deduction	LINE_36_STANDARD_DEDUCTION
Deduction for exemptions	LINE_38_DEDUCTION_FOR_EXEMPTIONS
Taxable income	LINE_39_TAXABLE_INCOME
Tax	LINE_40_TAX
Federal income tax withheld	LINE_57_FEDERAL_INCOME_TAX_WITHHELD
Earned income credit	LINE_59_EARNED_INCOME_CREDIT
&NBSP;	Lived in the U.S? LIVED_IN_THE_US
&NBSP;	Qualified child of another? QUALIFYING_CHILD_OF_ANOTHER
&NBSP;	Age 25 to 65? VALID_AGE_RANGE
Make work pay tax credit	MAKE_WORK_PAY_CREDIT
REFUND_OR_OVERPAYMENT_TEXT	REFUND_OR_OVERPAYMENT_AMT

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Definitions

2008 Tax rates:

Below are the resulting tax rates and income ranges for 2008

Filing Status and Income Tax Rates 2008 Caution: Do not use these tax rate schedules to figure 2007 taxes. Use only to figure 2008 estimates.
Tax rate	Married filing jointly or Qualified Widow(er)	Single	Head of household	Married filing separately
10%	$0 - 16,050	$0 - 8,025	$0 - $11,450	$0 - 8,025
15%	$16,051- 65,100	$8,026- 32,550	$11,451- 43,650	$8,026- 32,550
25%	$65,101- 131,450	$32,551- 78,850	$43,651- 112,650	$32,551- 65,725
28%	$131,451- 200,300	$78,851- 164,550	$112,651- 182,400	$65,726- 100,150
33%	$200,301- 357,700	$164,551- 357,700	$182,401- 357,700	$100,151- 178,850
35%	over $357,700	over $357,700	over $357,700	over $178,850

Source: http://www.irs.gov/pub/irs-drop/rp-07-66.pdf

Filing status

For the 1040EZ there are two filing status options: Single or Married filing jointly. To file under a different status, you will need to use a different tax form such as the 1040 or 1040a. The table below summarizes the five possible filing status choices, including the two that are available for the 1040EZ. It is important to understand that your marital status as of the last day of the year determines your filing status.

Filing Status for 2008
Married filing jointly	If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married filing separately".
Qualified Widow(er)	Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or step child whom which you are the primary provider.
Single	If you are divorced, legally separated or unmarried as of the last day of the year you should use this status.
Head of household	This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.
Married filing separately	If you are married, you have the choice to file separate returns. The filing status for this option is "married filing separately".

Dependent status

A dependent is someone you support and for whom you can claim a dependency exemption. In this case, you need to select the dependent status for you and your spouse. In 2008, you receive a $3,500 reduction in your taxable income for yourself and another $3,500 reduction for your spouse if no one else can claim either of you as a dependent.

Wages, salaries, tips, etc.

Total income you received from wages, salaries and tips. The 1040EZ calculator does not support other types of income. If you have income from other sources you may need to use the 1040 Tax Form.

Unemployment compensation

If you collected any unemployment compensation, it is considered taxable income. Enter the total amount received here.

Taxable interest

If you received any interest that is subject to income taxes, enter the total amount received here.

Standard deduction

This is a standard amount, which varies by your filing status, which you are allowed to deduct from your income before calculating your income tax.

Taxable income

This is your total taxable income. It is calculated as your total income minus your standard deduction and your deduction for exemptions.

Earned income credit

If you qualify for earned income credit, we will automatically calculate the amount. Please note that this calculator doesn't take into consideration the impact of scholarships, penal income and retirement income on your Earned Income Credit (EIC).

Federal income tax withheld

Enter the total of all federal income tax that you expect to have withheld from your pay throughout the year. We will use this amount to calculate your total refund or amount you may owe.