Taxation Calculators

We developed a library of taxation calculators to reflect how your financial decisions could impact your tax liability. These calculators are easy-to-use and provide in-depth analysis for virtually any financial scenario, along with graphs, charts and tables. Simply select the link to access the calculator of your choice. Please give us a call if you need assistance with inputting the data or interpreting the information. 

What Is My Potential Estate Tax Liability? 
In 2014 estates worth up to $5.34 million will be excluded from paying federal estate tax. This means that the federal government could ‘inherit’ a significant portion of your estate unless you take measures to preserve your wealth. Use this federal estate tax calculator to estimate your tax liability.

Federal Income Tax Estimator
Taxes are unavoidable and without planning, the annual tax liability can be very uncertain. Use the following calculator to help determine your estimated tax liability along with your average and marginal tax rates. For “high-income” workers you may experience an increase in your 2014 federal taxes going forward due to a number of new provisions such as personal exemption phaseouts, limits to itemized deductions, 3.8% Medicare tax on investment income and the creation of a new tax bracket (39.6%).

Should I Adjust My Payroll Withholdings?
Each April many taxpayers are surprised as they realize that they have either over withheld or under withheld on their taxes. Use this calculator each year to help determine whether you are likely to be on target based on your current withholding status. Make adjustments to your employer W-4 form, if necessary, to more closely match your liability. In the event of a surplus, you may be able to increase your take home pay. “High-income” workers may experience an increase in federal taxes going due to a number of provisions such as personal exemption phaseouts, limits to itemized deductions, 3.8% Medicare tax on investment income and the creation of a new tax bracket (39.6%).

Will My Investment Interest Be Deductible? 
Interest paid on debts incurred in order to invest (such as ‘margin accounts’) is generally deductible to the extent that it offsets investment income (such as interest, dividends and short term capital gains). Interest payments in excess of investment income can be carried forward in hopes of offsetting future investment income. This calculator can help you better manage the use of debt as an investment tool, and more accurately time your income and interest payments to take best advantage of current deductibility laws and limitations.

How Much Self Employment Taxes Will I Pay?
Self employment taxes are comprised of two parts: Social Security and Medicare. You will pay 6.2 percent and your employer will pay Social Security taxes of 6.2 percent on the first $117,000 of your covered wages. You each also pay Medicare taxes of 1.45 percent on all your wages – no limit. If you are self-employed, your Social Security tax rate is 12.4 percent and your Medicare tax is 2.9 percent on those same amounts of earnings but you are able to deduct the employer portion. You will pay an additional 0.9% Medicare tax on the amount that your annual income exceeds $200,000 for single filers, $250,000 for married filing jointly, and $125,000 married filing separate. Use this calculator to estimate your self-employment taxes.

What Are The Tax Implications Of Paying Interest?
Interest paid may or may not be tax-deductible depending on the type of interest paid. Use this calculator to help determine what, if any, interest you pay this year may be deductible and to what extent it may save you on taxes.