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Tax Calculator

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Tax calculator on Microsoft Excel

Tax calculator on Microsoft Excel

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    Tax Calculator Tax Calculator Document Transcript

    • (You may change any value in a white box and when you press enter all values will be recalculated) Federal Tax Calculation (Using tax rates for 2001) Total number of exemptions (one each for self, spouse, and each dependent) Enter your Gross Income $40,000 For a Married Couple, Filing Jointly: For a Single Individual: Gross Income $40,000 Gross Income Adjustments $- Adjustments Exemptions $3,200 Exemptions *Deductions $10,000 *Deductions Taxable Income $26,800 Taxable Income Federal Income Tax Err:508 Federal Income Tax OASDI (Soc. Sec) $2,480 OASDI (Soc. Sec) Medicare $580 Medicare Total Federal Taxes Err:508 Total Federal Taxes (And Then, Of Course, there are State and Local Taxes as Well) *The Current Standard Deductions are $10,00 for married couples and $5000 for single individuals If you buy a house, make large charitable contributions or pay significant state and local taxes, you may be able to itemize deductions and reduce your tax. If more than one member of your household is contributing earned income, then all earners have to pay S Security and Medicare taxes. The numbers above will have to be raised. $15,100.00 10.0% $6,780.00 $7,550.00 $61,300.00 15.0% $24,394.00 $30,650.00 $123,700.00 25.0% $41,855.00 $74,200.00 $188,450.00 33.0% $88,307.00 $154,800.00 $336,550.00 35.0% $336,550.00 $26,800 Federal Income Tax Err:508 Federal Income Tax
    • $14,600.00 10.0% $1,460.00 $7,300.00 $59,400.00 15.0% $6,720.00 $29,700.00 $119,850.00 25.0% $15,112.50 $71,950.00 $182,800.00 28.0% $17,626.00 $150,150.00 $326,450.00 33.0% $47,404.50 $326,450.00 35.0%
    • s will be recalculated) 1 $40,000 $- $3,200 $5,000 $31,800 Err:508 $2,480 $580 Err:508 al Taxes as Well) and $5000 for single individuals nt state and local taxes, come, then all earners have to pay Social s above will have to be raised. 10.0% $755.00 15.0% $14,345.00 25.0% $36,361.00 28.0% $93,374.00 35.0% $31,800 Err:508
    • 10.0% $730.00 15.0% $3,360.00 25.0% $10,562.50 28.0% $21,896.00 33.0% $58,179.00 35.0%
    • Mortgage Cost Calculator Annual Interest Rate 7.25% Estimated Appreciation of House Marginal tax rate 15.0% Annual Rate Home cost $84,000 Down Payment $12,000 Amount to be Mortgaged $72,000 For a 30 Year Loan Monthly Payment $491 Total Payments $176,820 Value of House when Paid off Finance Cost $104,820 $152,154 Finance Cost (after tax) $89,097 For a 15 Year Loan Monthly Payment $657 Total Payments $118,307 Value of House when Paid off Finance Cost $46,307 $113,053 Finance Cost (after tax) $39,361 Loan/Value Ratio 0.86
    • ppreciation of House 2% use when Paid off use when Paid off
    • 60000 51565 8435 65000 11972 4850 -3537 60150 65000 51715 14850 50150 56565 53028 -3537