Calculating your taxes online is a quick way to make sure you are paying enough through the year so that you aren’t faced with penalties once tax season comes around. You can also calculate your taxes to see if you are paying too much. This is helpful for people who want more take home pay instead of receiving a tax refund once a year. Whatever your reason for calculating your taxes, it can be done online for free.
1. Obtain your income information. It will be helpful to have a pay stub available so you can have accurate information about your wages, the taxes that have been withheld and your pay cycle frequency. If you are self-employed, then gather your financial records.
2. Find a free tax calculator. Find an online tax calculator. Many tax and payroll websites offer calculators that allow you to determine how much you will owe in taxes. Some suggestions include TurboTax and H&R Block.
3. Use the calculator. Once you find a calculator that meets your needs, enter the requested information to calculate your taxes. At minimum, plan to enter your tax filing status, your income and the number of children you have. Some calculators may ask for additional information.
4. Submit the calculations. Click “Enter” or “Submit” so that the calculator can process the information you entered.
- There are online calculators that help you determine how many exemptions you can claim on your W4 form. Paycheckcity.com has one of these calculators.
- Some tax calculators are more detailed than others. While some just ask for basic information about your income, others ask for details on the deductions you plan to take, exemptions and retirement savings information. Try multiple calculators to see which ones fit your needs.
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