Please note that this is only an estimate of Total Tax Liability. It calculates a potential personal income tax liability and outlines the components of that estimate. While it is not a guarantee of your actual tax liability, we have found that with accurate data input, the output serves as a useful approximation.
This model makes several important assumptions that are useful to understand:
1. It assumes a 5% State Tax Rate (OK Top Tax Bracket).
2. It assumes you do not itemize your deductions.
3. It does not apply the Qualified Business Income Deduction.
4. It is only as accurate as the data put in!
5. It does not assume any withholdings, so much of the tax from Wages is likely already withheld.
Enter any W-2 income and interest earned under "Wages Earned," along with any specific above-the-line deductions (we recommend being conservative here). This tool is designed for business owners, so include your business's financial information and entity type. If you receive 1099s for a side hustle, you can treat them as income from a Sole Proprietor for simplicity. Add your ownership percentage (1-100) and click "Calculate" Rest assured, none of your information is saved or collected, and there is no cost to using this feature.
Personal Income Tax Estimate: $0
Federal Tax Liability: $0
State Tax Liability: $0
FICA Tax Liability: $0
Self Employment Tax Liability: $0
Standard Deduction: $0
Our team’s experience in different industries separates us from our competitors.
Can’t find the solution you’re looking for? To learn more about how you can put our services to work for you, please get in touch with one of our financial experts today.
Sign up for our newsletter to get Tax Reminders, Industry News, and Best Business Practices delivered straight to your inbox. Never miss a tax deadline again.
