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Video instructions and help with filling out and completing income tax calculator

Instructions and Help about income tax calculator

In this video we're going to talk about how to calculate federal income tax now in previous videos I showed you the formula and we talked about some things like deductions for AGI deductions from AGI credits and so forth I think to really understand it's best to just jump in with an example so let's say that we have a single taxpayer okay and by single I mean that's their filing status right so there's other filings you could say that someone's filing status is married filing joint right that means there's two people they're married they're filing their tax return together but we're just going to say we have a single taxpayer they're filing as an individual individual and we'll talk in another video about different classes of filing status and head of household and so forth but this is going to affect this this individual class this is going to affect how much your standard deduction is and so forth which we'll get into this person has no dependents that means that they don't have an elderly parent living with them that would require depends on them for financial income or support or the only many children that depend on them for support and we're going to assume that it's a 2021 tax year that we're talking about right that's going to affect our numbers and that would mean that you'd be filing in 2021 right because you file 2021 of what happened to the year before right so let's jump in and we'll put some numbers to this and we'll make a little easier to understand so we're going to start out with gross income right and we've talked about that that includes wages it might include some investment income and so forth but we're going to start out with this gross income and we'll say that for this individual will say that gross income is $27,000 for the year right now our first deduction right we talk about deductions for AGI or I could put deduction B for AGI however you want to think about it right we're going to deduction before AGI and then one after and so the for AGI let's just say that this personal they just have $1,500 I put that in parentheses to let you know that it's being subtracted out right that's why I've got these parentheses here we're subtracting this deduction and let's just say that this person had student loan interest right so student there are many different types of deductions for AGI but in this case the person had some student loans and they paid some of the interest on that balance the interest came out to $1,500 so now that's going to give us our first subtotal which is adjusted gross income otherwise known as AGI right so AGI we just take the 27,000 and subtract the 1,500 and that's going to give us twenty five thousand five hundred dollars right so that's our.

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