Usa Estimated Tax Calculator 2018
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Reviewed by Calculator Editorial Team
Use this USA Estimated Tax Calculator 2018 to estimate your federal income tax liability for the 2018 tax year. The calculator uses the 2018 tax brackets and rates to provide an estimate based on your income and filing status.
How to Use This Calculator
To estimate your 2018 US federal income tax:
- Enter your total taxable income for 2018 in the "Taxable Income" field.
- Select your filing status from the dropdown menu.
- Click "Calculate" to see your estimated tax.
The calculator will display your estimated tax liability, which includes federal income tax, Social Security tax, and Medicare tax. Keep in mind this is an estimate and your actual tax may vary based on additional factors like state taxes, deductions, and credits.
Formula Used
The calculator uses the following formula to calculate your estimated federal income tax for 2018:
Federal Income Tax = Sum of (Taxable Income × Tax Rate for each Bracket)
Where the tax brackets and rates are based on the 2018 IRS tax tables for the selected filing status.
The calculator also includes Social Security tax (6.2% of taxable income) and Medicare tax (1.45% of taxable income).
Worked Example
Let's calculate the estimated tax for a single filer with $50,000 in taxable income:
- Federal Income Tax:
- $9,525 for the first $9,525 at 10%
- $28,975 for the next $28,975 at 12%
- $11,440 for the remaining $11,440 at 22%
- Total Federal Income Tax = $49,940
- Social Security Tax = 6.2% of $50,000 = $3,100
- Medicare Tax = 1.45% of $50,000 = $725
- Total Estimated Tax = $49,940 + $3,100 + $725 = $53,765
This example shows the estimated total tax liability for a single filer with $50,000 in taxable income in 2018.
Frequently Asked Questions
What is the difference between taxable income and gross income?
Taxable income is your gross income minus any deductions that reduce your taxable amount. Gross income includes all income before any deductions are applied.
How accurate is this tax calculator?
This calculator provides an estimate based on the 2018 tax brackets and rates. Your actual tax may vary based on additional factors like state taxes, deductions, and credits.
Does this calculator include state taxes?
No, this calculator only estimates federal income tax. You should also calculate your state taxes separately.
What are the standard deduction amounts for 2018?
The standard deduction amounts for 2018 were $6,350 for single filers, $12,700 for married filing jointly, $6,350 for married filing separately, and $9,400 for heads of household.