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1040EZ tax form calculator
Calculate your federal tax
   1040EZ tax form calculator

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Definitions
2007 Tax tax rates: Below are the resulting tax rates and income ranges for 2007.

Filing Status and Income Tax Rates 2007
Caution: Do not use these tax rate schedules to figure 2006 taxes. Use only to figure 2007 estimates.
Tax rateMarried filing jointly
or Qualified Widow(er)
SingleHead of householdMarried filing separately
10% $0 - 15,650 $0 - 7,825 $0 - $11,200 $0 - 7,825
15% $15,651- 63,700 $7,826- 31,850 $11,201- 42,650 $7,826- 31,850
25% $63,701- 128,500 $31,851- 77,100 $42,651- 110,100 $31,851- 64,250
28% $128,501- 195,850 $77,101- 160,850 $110,101- 178,350 $64,251- 97,925
33% $195,851- 349,700 $160,851- 349,700 $178,351- 349,700 $97,926- 174,850
35% over $349,700 over $349,700 over $349,700 over $174,850
Source: http://www.irs.gov/formspubs/article/0,,id=164272,00.html

Filing status: For the 1040EZ there are two filing status options: "Single" or "Married Filing Jointly." To file under a different status, you will need to use a different tax form, such as the 1040 or 1040a. The table below summarizes the five possible filing status choices, including the two that are available for the 1040EZ. It is important to understand that your marital status as of the last day of the year determines your filing status.

Filing Status for 2007

Married filing jointlyIf you are married 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. You may also choose to file separately under the status "Married filing separately."
Qualified Widow(er) Generally, you qualify for this status if your spouse died during the previous tax year (not the current tax year) and you and your spouse filed a joint tax return in the year immediately prior to his or her death. You are also required to have at least one dependent child or stepchild whom which you are the primary provider.
Single

If you are divorced, legally separated or unmarried as of the last day of the year, you should use this status.
Head of householdThis is the status for unmarried individuals that pay for more than half of the cost to keep up a home. This home needs to be the main home for the income tax filer and at least one qualifying relative. You can also choose this status if you are married, but didn't live with your spouse at anytime during the last six months of the year. You also need to provide more than half of the cost to keep up your home and have at least one dependent child living with you.
Married filing separatelyIf you are married, you have the choice to file separate returns. The filing status for this option is "married filing separately."


Dependent status: A dependent is someone you support and for whom you can claim a dependency exemption. In this case, you need to select the dependent status for you and your spouse. In 2007, you receive a $3,400 reduction in your taxable income for yourself and another $3,400 reduction for your spouse if no one else can claim either of you as a dependent.
Wages, salaries, tips, etc.: Total income you received from wages, salaries and tips. The 1040EZ calculator does not support other types of income. If you have income from other sources, you may need to use the 1040 Tax Form.
Unemployment compensation: If you collected any unemployment compensation, it is considered taxable income. Enter the total amount received here.
Taxable interest: If you received any interest that is subject to income taxes, enter the total amount received here.
Standard deduction: This is a standard amount, which varies by your filing status, which you are allowed to deduct from your income before calculating your income tax.
Taxable income: This is your total taxable income. It is calculated as your total income minus your standard deduction and your deduction for exemptions.
Earned income credit, or EIC: If you qualify for earned income credit, we will automatically calculate the amount. Please note that this calculator doesn't take into consideration the impact of scholarships, penal income and retirement income on your Earned Income Credit.
Federal income tax withheld: Enter the total of all federal income tax that you expect to have withheld from your pay throughout the year. We will use this amount to calculate your total refund or amount you may owe.

Information and interactive calculators are made available to you as self-help tools for your independent use and are not intended to provide investment advice. We cannot and do not guarantee their applicability or accuracy in regard to your individual circumstances. All examples are hypothetical and are for illustrative purposes. We encourage you to seek personalized advice from qualified professionals regarding all personal finance issues.

 


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