"How Much Will My Taxes Be"? Try Our Estimator!
This Is An Estimate
It is important to note this is an estimate of Total Tax Liability. It calculates a possible personal income tax liability and shows what constitutes that tax estimate. It is not in any way a promise of what your tax liability will be, but we have found that when accurate data is inputed, the output is a useful approximation.
There Are Limitations
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.
How Does It Work?
Enter any W-2 income and interest earned in "Wages Earned" and any specific above the line deductions (we recommend being conservative here). This is designed for business owners, so add your business's financial information and entity type. If you receive 1099s for a side hustle, you can treat them like a Sole Proprietor for simplicity. Add your ownership percentage (1 - 100). Click Calculate! None of your information is saved or collected and there is no cost to using this feature.
Personal Income Tax Estimator
Results
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