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.

 
   
   
SSB Financial Services
242 N. Michigan Avenue • Shelby, MI • 49455
Phone: 231.861.6053 • Fax: 231.861.2468
• james.stovall@LPL.com
LPL Financial is an independent, registered broker/dealer and registered investment adviser.  Member SIPC/FINRA. For a comprehensive review of your personal situation, always consult with a tax or legal Advisor. Neither LPL Financial, nor any of its representatives may give legal or tax advice.