Wednesday, July 28, 2010

Tax Calculator

The Foundry has a nifty calculator where you can input a little basic info and get an estimate of your 2010 tax bill.  You'll get three results:  1) If the Bush tax cuts expire, 2) if they're extended and 3) an estimate under the plan where some tax cuts are kept and some are not.

It takes about five seconds to do.

If the Bush tax cuts expire, based on what I made last year, I'll be paying $600 more this year.  I'm not a high-income person by any means.  I'm a school teacher.  One income.  One teenager. 

This year my filing status will be different; Steve and I will be filing jointly this year.  We'll be paying about $500 more if the tax cuts expire. 

Under both scenarios, we'll come out better under option number three - if some are kept and some expire.  Of course, it's just an estimate, but it gives you an idea.

Curious about your own?  Here's the link.

(H/T:  Memeorandum)

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