Tax Estimator to Calculate Your 2013 Tax Refund

Definitions

Federal Income Tax Rates:

Use the table below to assist you in estimating your Federal 2013 tax rate.

Filing Status and Income Tax Rates 2013*
Tax Rate	Married Filing Jointly or Qualified Widow(er)	Single	Head of Household	Married Filing Separately
10%	$0 - $17,850	$0 - $8,925	$0 - $12,750	$0 - $8,925
15%	$17,850 - $72,500	$8,925 - $36,250	$12,750 - $48,600	$8,925 - $36,250
25%	$72,500 - $146,400	$36,250 - $87,850	$48,600 - $125,450	$36,250 - $73,200
28%	$146,400 - $223,050	$87,850 - $183,250	$125,450 - $203,150	$73,200 - $111,525
33%	$223,050 - $398,350	$183,250 - $398,350	$203,150 - $398,350	$111,525 - $199,175
35%	$398,350 - $450,000	$398,350 - $400,000	$398,350 - $425,000	$199,175 - $225,000
39.6%	over $450,000	over $400,000	over $425,000	over $225,000
*Caution: Do not use these tax rate schedules to figure 2012 taxes. Use only to figure 2013 estimates. Source: 2013 preliminary tax brackets subject to correction http://www.irs.gov

Filing status

Choose your filing status. Your filing status determines the income levels for your Federal tax bracket. It is also important for calculating your standard deduction, personal exemptions, and deduction phase out incomes. The table below summarizes the five possible filing status choices. It is important to understand that your marital status as of the last day of the year determines your filing status.

Filing Status
Married Filing Jointly	If you are married, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year. You may also choose to file separately under the status "Married Filing Separately".
Qualified Widow(er)	Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or stepchild for whom you are the primary provider.
Single	If you are divorced, legally separated or unmarried as of the last day of the year you should use this status.
Head of Household	This is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.
Married Filing Separately	If you are married, you have the choice to file separate returns. The filing status for this option is "Married Filing Separately".

For 2013, the standard deductions are $12,200 for married couples filing jointly, $6,100 for married couples filing separately and singles, and $8,950 for heads of household.

Dependents

A dependent is someone you support and for whom you can claim a dependency exemption. In 2013, each dependent you claim entitles you to receive a $3,900 reduction in your taxable income (see exemptions below). You may also receive a tax credit of up to $1,000 for each dependent child under the age of 17. The credit is, however, phased out for at higher incomes.

Exemptions claimed

Each exemption you claim reduces your taxable income by $3,900 for 2013. You receive an exemption for yourself, your spouse and one for each of your dependents.

Short-term capital gain or loss

This is the total capital gain you realized from the sale of assets held less than one year. Any amount you enter as a short-term capital gain is taxed as normal income.

Long-term capital gain or loss

This is the total capital gain you realized from the sale of assets held one year or longer. Any amount you enter as a long-term gain is taxed using the following rules:

• 0% if your ordinary income marginal tax rate is 10% or 15%
• 15% if your ordinary income marginal tax rate is greater than 15% and less than 39.6%
• 20% if your ordinary income marginal tax rate is 39.6%
• This calculator assumes that none of your long-term capital gains come from collectibles, section 1202 gains or un-recaptured 1250 gains. These types of capital gains are taxed at 28%, 28% and 25% respectively (unless your ordinary income tax bracket is a lower rate).

Business income or loss from Schedule C

Any income or loss as reported on Schedule C.

Income from Schedule E

Rental real estate, royalties, partnerships, trusts, etc.

S Corporation Income

S Corporations where you material participate. This amount is not subject to the 3.8% Net Investment Income Tax (NIIT).

Total income

Total income calculated by adding lines 7 through 21 on your form 1040. For most taxpayers this includes wages, salaries, tips, interest, dividends and gains and losses from a variety of activities.

Adjusted gross income

Adjusted gross income (AGI) is calculated by subtracting all deductions from lines 23 through 33 from your total income. AGI is used to calculate many of the qualifying amounts if you itemized your deductions.

Taxable income

Your total taxable income is your AGI minus your itemized or standard deduction, and your deduction for exemptions.

Tax

This is the total federal income tax you owe for 2013 before any tax credits.

Total credits

Your total tax credits. This amount is subtracted from the total tax amount.

Total tax after credits

This is the total federal income tax you will need to pay in 2013.

Total other taxes

Any other taxes that you owe for 2013. This includes self-employment tax, alternative minimum tax, and household employment taxes.

Total tax

Grand total of your 2013 federal tax bill.

Total payments

Total of all tax payments made in 2013. This includes tax withheld from Forms W-2 and 1099, and estimated taxes paid, earned income credit and excess Social Security tax withheld.