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Financial Design Group, Inc.
Since 1994

Your Source for Financial Advice

Contact Us

27604 Marine View Drive S.
Des Moines, WA 98198
  • Phone:
    (253)946-6119
  • E-mail address: Barry.Reid@LPL.com
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Your Source for Financial Advice

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Printed from: www.fdginvestments.com
  • FINANCIAL DESIGN GROUP, INC.
  • 27604 Marine View Drive S., Des Moines, WA 98198
  • (253)946-6119 | Barry.Reid@LPL.com

Federal Income Tax

What's Your Estimated Federal Income Tax Liability?

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.

For the 2018 tax year, the standard deductions are as follows: single, $12,000; heads of household $18,000; married filing separately, $12,000; and married filing jointly, $24,000.

Your Results

Based on your estimates, you could owe the amount of federal income tax shown below.

Is the amount greater than you expected? You may be able to help reduce your tax liability by contributing more to your employer-sponsored retirement plan or by increasing your itemized deductions. For example, you may want to increase your charitable contributions or pre-pay deductible expenses such as state taxes.

Your total pre-tax income: $0
Based on the information you have provided, your federal income tax liability would be: $0

This is only an estimate of your total taxes. A tax refund or taxes still owed would depend on withholdings, estimated taxes paid, eligible tax credits, and other factors not considered here. This is not to be construed as a final determination of your federal tax liability; a tax professional should be consulted. Alternative minimum tax and itemized deductions are not considered.

Are you comfortable with the amount you are paying in taxes? There are steps you can take to help reduce your annual tax burden. Review your individual situation and develop a strategy to help reduce your taxable income.

Where Your Annual Income Goes

 

This is only an estimate of your total taxes. A tax refund or taxes still owed would depend on withholdings, estimated taxes paid, eligible tax credits, and other factors not considered here. This is not to be construed as a final determination of your federal tax liability; a tax professional should be consulted. Alternative minimum tax and itemized deductions are not considered.

This hypothetical example is used for illustrative purposes only. Actual results will vary.

The information in this calculator is not intended as tax or legal advice, and it may not be relied on for the purpose of avoiding any federal tax penalties. You are encouraged to seek tax or legal advice from an independent professional advisor. The content is derived from sources believed to be accurate. Neither the information presented nor any opinion expressed constitutes a solicitation for the purchase or sale of any security.

This material was written and prepared by Emerald Connect, LLC.
© 2018 Emerald Connect, LLC. All Rights Reserved.

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Contact Us

27604 Marine View Drive S.
Des Moines, WA 98198
  • Phone:
    (253)946-6119
  • E-mail address: Barry.Reid@LPL.com
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No information provided on this site is intended to constitute an offer to sell or a solicitation of an offer to buy shares of any security, nor shall any security be offered or sold to any person, in any jurisdiction in which such offer, solicitation, purchase, or sale would be unlawful under securities laws of such jurisdiction.

Registered representatives of LPL Financial  whose identities and association with, Financial Design Group Inc., are disclosed on this site may only discuss securities or transact business with persons who are residents of the following states: AK, AL, AZ, CA, CO, FL, GA, IA, IL, IN, KS, KY, MD, MI, MO, MT, NV, NY OR, TX, WA, WI.

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