Federal Income Tax  
Paying federal income taxes is one of most people’s least favorite annual activities. As a result, many people tend to procrastinate by not planning for their taxes each year and by completing and filing the forms at the last possible minute. This calculator is designed to help you estimate your annual federal income tax liability.
     

What is your tax filing status?

What is your total pre-tax income? Include W-2 income, interest, dividends, rental income, etc.

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Enter the total contributions made to all employer-sponsored plans this year (e.g., 401(k) plans, traditional IRA’s, etc).

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Enter your deduction(s). If you itemize your deductions, enter that total here. Otherwise, enter the appropriate standard deduction. For the 2012 tax year, the standard deductions are as follows: single, $5,950; heads of households $8,700; married filing separately, $5,950; married filing jointly, $11,900.

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Enter the number of dependents/personal exemptions that you will be claiming. Generally, this will be you, your spouse, and your children.

 
   
   
Financial Advisor Maryland | Financial Planner | Wealth Manager | Retirement Planning | Annuities and Asset Management in MD / Maryland
12051 Little Patuxent Parkwy.
 • Columbia, MD • 21044
Phone: 410-528-8688
Phone: 410-290-6263		 • Fax: 240-209 5568
• michael.balakirsky@lpl.com

Advisory Services and Securities offered through LPL Financial, Member FINRA/SIPC