Contact: Jay Hyde, 202,434-9266, email@example.com or Shirley Twillman, 202-434-4220, firstname.lastname@example.org
Washington (January 9, 2014) – The American Institute of CPAs’ (AICPA) Total Tax Insights calculator, newly updated through 2013, can help taxpayers gauge the impact of more than 20 different federal, state and local taxes, including a new Medicare surtax that took effect last year.
“The Total Tax Insights calculator was developed to enable taxpayers to estimate the amount they pay each year for the most common federal, state and local taxes,” said AICPA President and CEO Barry C. Melancon, CPA, CGMA. “In advance of tax filing season, the calculator has been updated to include the most recent changes in tax law, including changes in federal tax rates and a 3.8 percent Medicare surtax, as well as changes in state and local levies for cable, cell phones, gasoline and groceries, among other expenses.”
The Total Tax Insights calculator is the nation’s most comprehensive tax estimation tool. “Knowing what you owe is a critical element of financial literacy,” Melancon explained. “Using our calculator will arm individuals with the information they need to take greater control over their financial future.”
Here’s how the calculator works:
- On the map of the United States and territories, click on the state or jurisdiction where you live.
- Enter, at a minimum, the county and/or city where you live, your marital status, federal “adjusted gross income” and number of dependents.
- For a more detailed calculation, you’ll want to factor in housing-related costs (electricity, natural gas and cable) as well as other expenses, including cell phone, gasoline, cigarettes and alcoholic beverages.
- The more information you provide, the more detailed you tax calculation will be.
- And, if you are interested in seeing how your total estimated tax liability compares to other locations around the country, you have the option of choosing up to two more places of residence for a side-by-side comparison.
“As tax reform discussions continue in Washington and in states throughout the nation, we’re reminded of how significant a role taxes play in our lives,” Edward S. Karl, CPA, AICPA’s vice president for taxation, said. “The insights offered by the calculator provide greater transparency into our financial status and underscore the point that taxes are far more than an April 15th phenomenon. Understanding your tax burden today can help you plan for tomorrow.”
The Total Tax Insights calculator is a tax estimator tool only and is not intended to serve as an online tax preparation tool for either a federal or state income tax return, or any other return. A user’s privacy is protected because the Total Tax Insights calculator does not require individuals to identify themselves in any way and the data is erased when a user leaves the website.
The AICPA encourages taxpayers to use the Total Tax Insights information and resources as a guide to improve their overall tax and financial well-being. The calculator only provides estimated amounts and a taxpayer’s actual taxes may vary significantly depending on his or her particular situation. For example, income tax calculations do not take into consideration certain deductions, credits or other adjustments.
For more information about the Total Tax Insights calculator go to https://www.totaltaxinsights.org/.