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Income tax calculator Form: What You Should Know

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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 2023 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 2023 right because you file 2023 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...