1040 Tax Estimator How much tax will you pay in 2002? Use this 1040 tax calculator to help determine your tax bill for 2002. By entering your tax status, income, deductions and credits we can estimate your total taxes for 2002. Based on your projected withholdings for the year, we then show you your refund or amount you may owe the IRS next April! |
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Definitions line 6c Dependants: A dependent is someone you support and for whom you can claim a dependency exemption. Each dependent you claim entitles you receive a $3,000 reduction in your taxable income. In 2002 each dependent under the age of 17 also receives a tax credit of $600. The credit is, however, phased out for at higher incomes. line 6d Total exemptions claimed: Each exemption you claim reduces your taxable income by $3,000 for 2002. You receive an exemption for yourself, your spouse and one for each of your dependents. line 17 Income from Schedule E: Rental real estate, royalties, partnerships, S Corporations, trusts, etc. line 22 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. line 33 Adjusted gross income: Adjusted gross income (AGI) is calculated by subtracting all deductions from lines 23 through 31 from your total income. AGI is used to calculate many of the qualifying amounts if you itemized your deductions. line 39 Taxable income: Your total taxable income is your AGI minus your itemized or standard deduction, and your deduction for exemptions. line 40 Tax: This is the total federal income tax you owe for 2002 before any tax credits. line 50 Total credits: Your total tax credits. This amount is subtracted from the total tax amount. line 51 Total tax after credits: This is the total federal income tax you will need to pay in 2002. Total other taxes: Any other taxes that you owe for 2002. This includes self-employment tax, alternative minimum tax, and household employment taxes. line 57 Total tax: Grand total of your 2002 Federal tax bill. line 65 Total payments: Total of all tax payments made in 2002. This includes tax withheld from Forms W-2 and 1099, and estimated taxes paid, earned income credit and excess social security tax withheld. The information presented is of a general nature only and may omit details related to your particular circumstances, and accordingly cannot be regarded as legal or tax advice. Please contact the office to discuss how this information pertains to your specific financial or tax situation. |
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