2006 Tax Calculator 1.0

2006 Tax Calculator is a free, useful and quick Tax Calculator for estimating 2006 taxes.

Here are some key features of "2006 Tax Calculator":

· Select the Filing Status.Choosing the correct filing status is very important, as it determines the income levels for your Federal tax bracket, your standard deduction, personal exemptions, and deduction phase out of incomes, etc.
· Married filing jointly:If you were married on the last day of December 2006, you are able to file a joint return with your spouse. If your spouse died during the tax year, you are still able to file a joint return for that year.
· Qualified Widow(er): You can choose this status if your spouse died during the previous tax year and you and your spouse filed a joint tax return in the year immediately prior to their death. You are also required to have at least one dependent child or step child whom which you are the primary provider.
· Single: If you are unmarried, divorced, or legally separated as of the last day of the year you should use this status.
· Head of household: This is the status for unmarried individuals with at least one qualifying relative. The taxpayer pays for more than half of the cost to keep up a home.
· Married filing separately: If you are married, you have the choice to file separate returns. This filing status may result in less refund for you.
· Enter the Gross Income. Calculate the Gross income by adding all the wages, salaries, tips, interest, dividends and gains you are expected get in 2006.
· Enter the number of Dependents. A dependent is someone you support and for whom you can claim a dependency exemption. For each dependent you claim, you get $3,300 reduction in your taxable income.
· Enter Total Tax paid. Find the total taxes you are expecting to pay. This data is used only to calculate the tax refund amount you can expect while file your income tax return in 2007. So, if you do not know that taxes paid or expected to pay, then leave it to default (0).
· Enter the Itemized Deduction: In most of the cases you will have some idea about the total itemized deductions amount you can claim in this present year. You can use previous year Schedule A as a guidelines. If you are planning to use Standard deduction, then leave this field default and the standard deduction will be used automatically to calculate your 2006 taxes.


Requirements:

· awt applet and will work on any browser