When referencing the income tax bracket charts listed below, remember your taxable income is your bottom line after you have deducted all of your deductions and exemptions.

Your tax bracket is the percentage rate you pay on the “last dollar” you earn. The following are a couple of examples of the federal tax brackets according to your filing status for 2011, 2012:

Other tax brackets are available according to your filing status, for example, filing married but separately, and head of household.

There are online calculators that make estimating your taxes extremely easy. By answering just a few basic questions, it will estimate your tax liability or your refund amount. I suggest TurboTax Online for this service.

Also for this year, there are several changes and additions that you may qualify for as a deduction. The following are a few examples:

Married Tax Brackets

Once you’ve decided on your married filing status you can begin to look at your taxable income numbers. Yes, I said taxable income. Remember employment income alone is not your taxable income. All taxable income for your married tax bracket will determine your tax rate. We won’t get into capital gains here because that’s a whole different category of taxation.

Yes Virginia, There is an Easy Button

Once you know your filing status and your taxable income then, you’re ready to find your tax rate. How would you like to click a button and have it found for you? I do have an easy button and it’s called Turbo Tax Online. Their tax return software will quickly figure your tax rate for you.

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