Paying federal income taxes is one of most people’s least favorite annual activities. As a result, many people tend to procrastinate by not planning for their taxes each year and by completing and filing the forms at the last possible minute. This calculator is designed to help you estimate your annual federal income tax liability.       What is your tax filing status? SingleHead of HouseholdMarried Filing SeparatelyMarried Filing Jointly What is your total pre-tax income? Include W-2 income, interest, dividends, rental income, etc. $ Enter the total contributions made to all employer-sponsored plans this year (e.g., 401(k) plans, traditional IRA’s, etc). $ Enter your deduction(s). If you itemize your deductions, enter that total here. Otherwise, enter the appropriate standard deduction. For the 2011 tax year, the standard deductions are as follows: single, $5,800; head of household, $8,500; married filing separately, $5,800; married filing jointly, $11,600. $ Enter the number of dependents/personal exemptions that you will be claiming. Generally, this will be you, your spouse, and your children.

Ginger Sandell is a Registered Representative & Investment Adviser Representative, offering securities and investment advisory services through NATIONAL PLANNING CORP. (NPC), NPC of America in FL & NY, Member FINRA/SIPC, and a Registered Investment Adviser. Registered Representatives of NPC may transact securities business in a particular state only if first registered, excluded or exempted from Broker/Dealer, agent or Investment Adviser Representative requirements. In addition, follow-up conversations or meetings with individuals in a particular state that involve either the effecting or attempting to effect transactions in securities, or the rendering of personalized investment advice for compensation, will not be made absent compliance with state Broker/Dealer, agent or Investment Adviser Representative registration requirements, or an applicable exemption or exclusion.