Federal Income Tax  
Paying federal income taxes is one of most people’s least favorite annual activities. As a result, many people tend to procrastinate by not planning for their taxes each year and by completing and filing the forms at the last possible minute. This calculator is designed to help you estimate your annual federal income tax liability.
     

What is your tax filing status?

What is your total pre-tax income? Include W-2 income, interest, dividends, rental income, etc.

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Enter the total contributions made to all employer-sponsored plans this year (e.g., 401(k) plans, traditional IRA’s, etc).

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Enter your deduction(s). If you itemize your deductions, enter that total here. Otherwise, enter the appropriate standard deduction. For the 2011 tax year, the standard deductions are as follows: single, $5,800; head of household, $8,500; married filing separately, $5,800; married filing jointly, $11,600.

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Enter the number of dependents/personal exemptions that you will be claiming. Generally, this will be you, your spouse, and your children.

 
   
   
Petros Estate & Retirement Planning, LLC
100 Southpark Blvd., Suite 405 • Saint Augustine, FL • 32086
Phone: (904) 824-5656 • Fax: (904) 824-5642

Neither Petros Estate & Retirement Planning, LLC, Woman’s Worth, LLC nor any of their agents or representatives give tax, legal or investment advice. Consult a qualified advisor. Legal advice is provided by board-certified estate planning attorneys. The information here is a summary of our understanding of current tax laws as they relate to insurance products. This communication (including attachments) was not intended or written to be used to avoid any penalty imposed by a taxing authority, nor may the user/recipient of this communication use this written tax advice for that purpose. Please consult a qualified advisor for these matters.