Income Tax Return Calculator 2014 Usa
'/%3E%3Ccircle cx='48' cy='39' r='19' fill='%23f2c9a5'/%3E%3Cpath d='M27 35c3-16 39-17 42 2-8-8-27-9-42-2z' fill='%23374151'/%3E%3Cpath d='M21 86c5-24 49-28 56 0z' fill='%232563eb'/%3E%3Ccircle cx='41' cy='41' r='2' fill='%23111827'/%3E%3Ccircle cx='55' cy='41' r='2' fill='%23111827'/%3E%3Cpath d='M42 52c4 3 9 3 13 0' stroke='%2392400e' stroke-width='3' fill='none' stroke-linecap='round'/%3E%3C/svg%3E)
Reviewed by Calculator Editorial Team
Use this income tax return calculator to estimate your 2014 US federal and state income taxes. The calculator provides estimates based on standard tax brackets and common deductions. For exact tax returns, consult a tax professional.
How to Use This Calculator
Enter your total income, select your filing status, and enter any applicable deductions or credits. The calculator will provide an estimate of your federal and state income taxes for 2014.
This calculator provides estimates only. Actual tax returns may vary based on individual circumstances and changes in tax laws.
Federal Tax Calculation
The federal income tax is calculated using progressive tax brackets. The 2014 federal tax brackets are as follows:
| Filing Status | 10% Bracket | 15% Bracket | 25% Bracket | 28% Bracket | 33% Bracket | 35% Bracket |
|---|---|---|---|---|---|---|
| Single | $0 - $9,075 | $9,076 - $36,900 | $36,901 - $89,350 | $89,351 - $186,350 | $186,351 - $405,100 | $405,101+ |
| Married Filing Jointly | $0 - $18,150 | $18,151 - $73,800 | $73,801 - $148,850 | $148,851 - $226,850 | $226,851 - $405,100 | $405,101+ |
Federal Tax Formula:
Federal Tax = (Income × Tax Rate) - Standard Deduction
State Tax Calculation
State income taxes vary by state. This calculator uses average state tax rates for 2014. The standard deduction for 2014 was $6,200 for single filers and $12,400 for married filing jointly.
State tax rates and deductions can vary significantly. This calculator uses average rates for illustration purposes only.
Common Deductions
Common deductions that may reduce your taxable income include:
- Standard deduction
- Itemized deductions (mortgage interest, charitable donations, etc.)
- Student loan interest
- Retirement contributions
Tax Credits
Tax credits directly reduce your tax liability. Common credits include:
- Earned Income Tax Credit (EITC)
- Child Tax Credit
- American Opportunity Credit
Example Calculation
For a single filer with $50,000 in income and no deductions or credits:
- Federal taxable income: $50,000 - $6,200 (standard deduction) = $43,800
- Federal tax: $4,662.50 (using 2014 brackets)
- State tax: $2,500 (using average state rate)
- Total estimated tax: $7,162.50
Frequently Asked Questions
Is this calculator accurate for my exact tax situation?
This calculator provides estimates based on standard tax brackets and common deductions. For exact tax returns, consult a tax professional.
Do I need to pay estimated taxes in 2014?
If you expect to owe $1,000 or more in federal taxes for 2014, you may need to pay estimated taxes throughout the year.
What if I have capital gains or other income?
This calculator focuses on ordinary income. Capital gains and other income types may have different tax rates and rules.