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.

 
   
   
Clark and Associates
288 Main Street • Cornwall , NY • 12518
Phone: 845.534.2110 or 800.777.1391 • Fax: 845.534.2008
• randolph.clark@investfinancial.com

 INVEST Financial Corporation (INVEST), member FINRA, SIPC a registered Broker Dealer and Registered Investment Advisor, is not affilliated with Clark & Associates. Securities, advisory services and insurance products are offered through INVEST and affilliated insurance agencies. INVEST Financial Corporation does not provide tax or legal advice. Please consult your tax and/or legal advisor for guidance on your particular situation. 

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