Author Topic: Anyone have a good tax estimate calculator?  (Read 1099 times)

alcon835

  • Pencil Stache
  • ****
  • Posts: 777
Anyone have a good tax estimate calculator?
« on: October 04, 2021, 06:57:33 AM »
I have a high income, and I want to figure out what my real 2021 Federal Taxes will be based solely on my income. I can't find this information anywhere! The IRS documents cap out at ~100k/year, and my income is quite a bit more than that. Worse, I keep finding different progressive tax tables, all claiming to be for 2021. All the online calculators I can find are terrible, they really just want to help estimate your tax return, which is...whatever. I don't care about my tax return, I want to figure out what I will owe for federal taxes in total.

So, do anyone have a solid federal taxes calculator? Or, can someone point me to the real tax tables that include all income levels? I must have spent a few hours on this yesterday and it is infuriating how impossible it is to get what should be simple information...."What are my federal taxes based on my W-2 income?"

boarder42

  • Walrus Stache
  • *******
  • Posts: 9332
Re: Anyone have a good tax estimate calculator?
« Reply #1 on: October 04, 2021, 07:00:13 AM »
case study spreadsheet

alcon835

  • Pencil Stache
  • ****
  • Posts: 777
Re: Anyone have a good tax estimate calculator?
« Reply #2 on: October 04, 2021, 07:25:37 AM »
That got me what I needed, thank you!

I wish there was something significantly less complicated, though (i.e., here's gross income, here's what your taxes should be). I mentor a few folks financially and none of them would be able to spend 5 minutes in the Calculations tab.

terran

  • Magnum Stache
  • ******
  • Posts: 3796
Re: Anyone have a good tax estimate calculator?
« Reply #3 on: October 04, 2021, 09:30:11 AM »
If all they've got is gross income (like from W2 box 1) then it's pretty easy. Just subtract the standard deduction for their filing status, find the tax bracket they're in, subtract the bottom of the bracket from their income, multiply by the bracket percent, then subtract the bottom of each lower bracket from the top of that bracket and multiply by the bracket percent and add it all up. You can pretty easily make a spreadsheet that does the math for them using the vlookup function to find the appropriate bracket.

Or most of the tax prep companies should have estimators like the Turbotax Taxcaster.

MDM

  • Senior Mustachian
  • ********
  • Posts: 11477
Re: Anyone have a good tax estimate calculator?
« Reply #4 on: October 05, 2021, 01:37:48 AM »
I wish there was something significantly less complicated, though (i.e., here's gross income, here's what your taxes should be). I mentor a few folks financially and none of them would be able to spend 5 minutes in the Calculations tab.
How about the 'Tax Rates' tab (five to the right of the Calculations tab)?  Choose single or MFJ in cell B5, then just look at the chart for an estimate....

Sandi_k

  • Handlebar Stache
  • *****
  • Posts: 1558
  • Location: California
Re: Anyone have a good tax estimate calculator?
« Reply #5 on: October 05, 2021, 09:49:47 AM »
I built my own spreadsheet. It's not hard...

MFJ:

Our Fed Bracket                         Dollars
Up to $19,900 - 10%                 $1,990.00 (Calc: $19,900 - 0) * .10
$19,901 to $81,050 - 12%         $7,337.88  (Calc: $81,050-19,901) * .12
$81,051 to $172,750 - 22%.     $20,173.78 (Calc: $172,750-81051)* .22


alcon835

  • Pencil Stache
  • ****
  • Posts: 777
Re: Anyone have a good tax estimate calculator?
« Reply #6 on: October 06, 2021, 07:03:17 AM »
I built my own spreadsheet. It's not hard...

MFJ:

Our Fed Bracket                         Dollars
Up to $19,900 - 10%                 $1,990.00 (Calc: $19,900 - 0) * .10
$19,901 to $81,050 - 12%         $7,337.88  (Calc: $81,050-19,901) * .12
$81,051 to $172,750 - 22%.     $20,173.78 (Calc: $172,750-81051)* .22

I am probably going to have to if I want something "no brainer" to share with folks.

boarder42

  • Walrus Stache
  • *******
  • Posts: 9332
Re: Anyone have a good tax estimate calculator?
« Reply #7 on: October 06, 2021, 07:41:22 AM »
I built my own spreadsheet. It's not hard...

MFJ:

Our Fed Bracket                         Dollars
Up to $19,900 - 10%                 $1,990.00 (Calc: $19,900 - 0) * .10
$19,901 to $81,050 - 12%         $7,337.88  (Calc: $81,050-19,901) * .12
$81,051 to $172,750 - 22%.     $20,173.78 (Calc: $172,750-81051)* .22

I am probably going to have to if I want something "no brainer" to share with folks.

i mean it is exactly that simple haha.

MustacheAndaHalf

  • Walrus Stache
  • *******
  • Posts: 6633
Re: Anyone have a good tax estimate calculator?
« Reply #8 on: October 08, 2021, 08:42:38 AM »
I built my own spreadsheet. It's not hard...
I am probably going to have to if I want something "no brainer" to share with folks.
Another alternative: use last year's tax software, with a different save file.  I'll create one big 1099-B, another 1099-INT, etc.  I fill in one form for the big items, and then the tax software calculates the rest.

tarheeldan

  • Pencil Stache
  • ****
  • Posts: 907
  • Location: Plano, TX

ZaraThustra

  • 5 O'Clock Shadow
  • *
  • Posts: 48
Re: Anyone have a good tax estimate calculator?
« Reply #10 on: October 09, 2021, 07:50:39 AM »
Am I missing something -- or is there anything wrong with the one the IRS already provides?

https://apps.irs.gov/app/tax-withholding-estimator

Based on W2 income, doesn't look to be capped at any earned income level, 2021 tables


Sandi_k

  • Handlebar Stache
  • *****
  • Posts: 1558
  • Location: California
Re: Anyone have a good tax estimate calculator?
« Reply #11 on: October 09, 2021, 11:19:52 AM »
Am I missing something -- or is there anything wrong with the one the IRS already provides?

https://apps.irs.gov/app/tax-withholding-estimator

Based on W2 income, doesn't look to be capped at any earned income level, 2021 tables

That's a withholding calculator - not a "total tax owed" calculator.

 

Wow, a phone plan for fifteen bucks!