How Do You Calculate Federal And State Taxes?


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Muddassar Memon answered
There are a number of free sites on the Web that will help you to calculate your federal and state taxes. They also offer help in filing income tax returns and advice on filling forms.

With topics like; Child Tax Credit, Earned income Tax Credit, Charitable Donations, Real Estate Deductions, etc. You can also download forms and publications by specifying the number and read about the best ways of dealing with the IRS.

For more information go to; For every federal tax dollar, 16 per cent goes to national defence, 7 per cent to Medicaid, 11 per cent to Medicare, 14 per cent to unemployment and disability income, 23 per cent to social security, 12 per cent to interest payment and 17 per cent to other unlisted expenses.

State and city taxes support local govt. Spending, mass transport, public buildings, social programs, local roadway construction, etc.

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