A tax estimator projects your estimated annual income tax liability based on income, filing status, deductions, and credits. It helps avoid underpayment penalties and plan quarterly estimated tax payments.
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Pro Tip
Tax deductions reduce taxable income; tax credits reduce tax owed dollar-for-dollar. A $1,000 credit is worth $1,000; a $1,000 deduction is worth $220 if you're in the 22% bracket.
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Did You Know?
The US has a progressive tax system — a common misconception is that earning more money can "put you in a higher bracket" and cause you to take home less. This is mathematically impossible — only income above each threshold is taxed at the higher rate.
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