1040 Tax Calculator (Tax Year 2014)
Use this 1040 tax calculator to help estimate your tax bill using the 2014 tax year's rates and rules.
How the 1040 tax calculator (tax year 2014) works
For 2014 it removes adjustments, the greater of itemized or the $6,200 standard deduction, and exemptions from income, applies the 2014 brackets, and nets the result against your withholding to show a refund or balance due.
Worked example: with gross income of $75,000, adjustments (401k, hsa, etc.) of $6,000 and number of exemptions of 1, the 1040 tax calculator (tax year 2014) shows estimated balance due of $1,569.
- Taxable income
- $58,850
- Federal tax
- $10,569
- Effective rate
- 14.1%
- You owe
- -$1,569
The formula
Taxable income = income − adjustments − max(itemized, $6,200) − exemptions; 2014 tax from the brackets; refund = withholding − tax.
Results are estimates for educational purposes and are not financial advice. Confirm exact figures with your lender, plan administrator or advisor.
Questions about the 1040 tax calculator (tax year 2014)
What was the 2014 standard deduction?
$6,200 for single filers and $12,400 for married filing jointly, with a $3,950 personal exemption. The brackets ranged from 10% to 39.6%.
Does this include the ACA penalty?
No — the individual mandate penalty that applied in 2014 is not modeled. This focuses on the income-tax calculation itself.
Is it exact?
It is an estimate of federal income tax only, excluding credits, AMT and state taxes. Treat it as a planning or reference figure.
Is the 1040 Tax Calculator (Tax Year 2014) free to use?
Yes. Every calculator on FinCalculators is completely free, with no sign-up, login or paywall. You can run as many scenarios as you like.