1. Money

Discuss in my forum

Top 5 Tax Calculators

By

The IRS and other websites offer free tax calculators and other tax tools to help you prepare your tax return, to plan for next year, or to analyze your paycheck. I have tested each of the following free tax calculators using the following criteria:
  • Are the calculations accurate?
  • Is the calculator easy to use?
  • Is the calculator free?
Each of the tax calculators does something different. All the tax calculators below are highly recommended.

1. AMT Assistant

The AMT Assistant helps taxpayers determine whether or not they may be subject to the Alternative Minimum Tax by automating the AMT Worksheet of the 1040 Instructions, called the "Worksheet to See if You Should Fill in Form 6251." IRS estimates most taxpayers can make entries and get an answer in five to 10 minutes using the new application. From the IRS.

2. Earned Income Credit Assistant

Determine if you are eligible for the Earned Income Tax Credit. Your eligibility is dependent on several factors such as your filing status, income level, and the number of qualifying children you have, if any. This tool will not only determine your eligibility, but can also determine your filing status, and the number of your qualifying children, and it can estimate your credit amount. From the IRS.

3. Withholding Calculator

The purpose of this calculator is to help employees to ensure that they do not have too much or too little income tax withheld from their pay. It is not a replacement for Form W-4, but most people will find it more accurate and easier to use than the worksheets that accompany Form W-4. You may use the results of this program to help you complete a new Form W-4, which you will submit to your employer. From the IRS.

4. Online EIN (Employer Identification Number)

An Employer Identification Number (EIN) is a nine-digit number that the IRS assigns to business entities. The IRS uses this number to identify taxpayers that are required to file various business tax returns. EINs are used by employers, sole proprietors, corporations, partnerships, non-profit organizations, trusts and estates, government agencies, certain individuals and other business entities. This is an online version of Form SS-4. From the IRS.

5. Paycheck Calculator

Using this paycheck calculator to make sure that your tax withholding and net pay are accurate. You can use the calculator to estimate your net pay when starting a new job, or to verify the calculations made on your paycheck. Includes state withholding calculations. From PaycheckCity.com
  1. About.com
  2. Money
  3. Tax Planning: U.S.
  4. Tax Software / Books
  5. Tax Software
  6. Best Free Tax Calculators: Online Tax Tools and Worksheets

©2014 About.com. All rights reserved.