Online Tax Calculator 2018 Usa

How to Use This Tax Calculator

Using this tax calculator is simple. Follow these steps to get your estimated 2018 federal income tax:

1. Enter your total taxable income for the 2018 tax year in the "Taxable Income" field.
2. Select your filing status from the dropdown menu (Single, Married Filing Jointly, Married Filing Separately, Head of Household, or Qualifying Widow(er)).
3. Click the "Calculate" button to see your estimated federal income tax.

The calculator will display your estimated federal income tax based on the 2018 tax brackets and rates. You can also see a breakdown of how the tax is calculated.

2018 US Federal Tax Brackets

The 2018 US federal income tax brackets are as follows:

The tax brackets vary depending on your filing status. The calculator uses the appropriate brackets based on your selected filing status.

Standard Deduction

The standard deduction reduces your taxable income. For the 2018 tax year, the standard deductions are:

• Single: $6,350
• Married Filing Jointly: $12,700
• Married Filing Separately: $6,350
• Head of Household: $9,350
• Qualifying Widow(er): $12,700

If you choose to take the standard deduction, subtract it from your total income to determine your taxable income.

Itemized Deduction

If your itemized deductions exceed the standard deduction, you may want to itemize instead of taking the standard deduction. Common itemized deductions include:

• Mortgage interest
• State and local taxes
• Medical expenses
• Charitable contributions
• Casualty and theft losses

To itemize your deductions, subtract the total of your itemized deductions from your total income to determine your taxable income.

Tax Credits

Tax credits directly reduce the amount of tax you owe. Some common tax credits for the 2018 tax year include:

• Child Tax Credit
• Earned Income Tax Credit (EITC)
• American Opportunity Credit
• Lifetime Learning Credit
• Adoption Credit

Tax credits can significantly reduce your tax liability. The calculator does not include tax credits in the estimate, but you can use the estimated tax to determine your eligibility for tax credits.

Example Calculation

Let's say you have a taxable income of $50,000 and you are single. Here's how the tax is calculated:

1. First $9,525: 10% × $9,525 = $952.50
2. Next $29,975 ($9,526 to $39,500): 12% × $29,975 = $3,597.00
3. Next $10,500 ($39,501 to $50,000): 22% × $10,500 = $2,310.00

Total tax: $952.50 + $3,597.00 + $2,310.00 = $6,859.50

This example shows how the tax is calculated based on the progressive tax brackets.