1040 Tax Calculator (Tax Year 2015)
Use this 1040 tax calculator to help estimate your tax bill using the 2015 tax year's rates and rules.
How the 1040 tax calculator (tax year 2015) works
For 2015 it subtracts adjustments, the greater of itemized or the $6,300 standard deduction, and exemptions, then applies the 2015 brackets and compares the tax with your withholding.
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 2015) shows estimated balance due of $1,469.
- Taxable income
- $58,700
- Federal tax
- $10,469
- Effective rate
- 14.0%
- You owe
- -$1,469
The formula
Taxable income = income − adjustments − max(itemized, $6,300) − exemptions; 2015 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 2015)
What were the 2015 figures?
The single standard deduction was $6,300 ($12,600 joint) and each exemption was $4,000. Marginal rates ran from 10% to 39.6%.
Why does my effective rate look low?
Because only the top slice of income hits your highest bracket. The earlier brackets tax income at 10%, 15% and so on, pulling your average rate well below the top.
Is this a substitute for filing?
No — it is an estimate of federal income tax excluding credits, AMT and state tax. Use official IRS forms to file.
Is the 1040 Tax Calculator (Tax Year 2015) 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.