| Excel Worksheet 4.2 Personal Financial Planner : Federal Income Tax Estimator (2015) |
| Directions: This worksheet can be used to estimate your tax liability for 2015. Enter your information in the blue-shaded cells. The peach-shaded cells will be calculated for you. Note that this will be only a rough calculation. To estimate your taxes accurately, you will need to complete the required IRS forms and worksheets. |
| Select your filing status from the dropdown menu: | Single |
| Total Income |
| Minus adjustments |
| Adjusted Gross Income | $ - |
| Minus exemptions: |
| # of exemptions | 1 |
| x 2015 exemption amount | $ 4,000 |
| Total Exemptions | $ 4,000 |
| Minus deductions |
| a. Standard deduction | $ 6,300 |
| OR |
| b. Itemized deductions: |
| Medical (>10% AGI) | $ - |
| State, local income taxes | $ - |
| Property taxes | $ - |
| Mortgage interest | $ - |
| Charitable contributions | $ - |
| Casualty/theft losses | $ - |
| Miscellaneous (>2% AGI) | $ - |
| Total Itemized Deductions | $ - |
| Greater of Standard or
Itemized Deductions | $ 6,300 |
| Taxable Income | $ (10,300) |
| Tentative Taxes Owed (2015): |
| Single | $ (1,030) |
| Married filing jointly |
|
| Head of household |
|
| | | | Single 2015 |
| | | | $0 | $9,225 | 10% | 923 |
| | | | 9,225 | $37,450 | 15% | 5,156 |
| | | | 37,450 | $90,750 | 25% | 18,481 |
| | | | 90,750 | $189,300 | 28% | 46,075 |
| | | | 189,300 | $411,500 | 33% | 119,401 |
| | | | 411,500 | $413,200 | 35% | 119,996 |
| | | | 413,200 | | 39.6% |
| | | | Married filing jointly 2015 |
| | | | $0 | $18,450 | 10% | 1,845 |
| | | | 18,450 | $74,900 | 15% | 10,313 |
| | | | 74,900 | $151,200 | 25% | 29,388 |
| | | | 151,200 | $230,450 | 28% | 51,578 |
| | | | 230,450 | $411,500 | 33% | 111,324 |
| | | | 411,500 | $464,850 | 35% | 129,997 |
| | | | 464,850 | | 39.6% |
| | | | Head of Household 2015 |
| | | | $0 | $13,150 | 10% | 1,315 |
| | | | 13,150 | $50,200 | 15% | 6,873 |
| | | | 50,200 | $129,600 | 25% | 26,723 |
| | | | 129,600 | $209,850 | 28% | 49,193 |
| | | | 209,850 | $411,501 | 33% | 115,737 |
| | | | 411,501 | $439,000 | 35% | 125,362 |
| | | | 439,000 | | 39.6% |
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ExcelWorksheet4.2PFPFederalIncomeTaxEstimator2015.xlsx
