Estimated Fed Tax Calculator

The Estimated Federal Tax Calculator in Tax1099 is a valuable tool designed to help users accurately estimate their federal income tax obligations based on projected earnings and deductions.

Navigate to the Tax1099 interface at Tax1099 - PayCalculator-Estimated Fed Tax Calculator to access the Estimated Fed Tax Calculator.

Login to Tax1099 application.
From the left pane, click Pay Calculator.

The Estimated Federal Tax Calculator page appears.
On the Basic Details tab, perform the following steps:
Select the city and filing status.
Click the I am Blind checkbox to indicate that you meet the criteria for blindness.
Click the I will be 65 or older on Jan. 1,2025 checkbox to indicate that you will be 65 or older by the specified date.
On the Dependent details, perform the following steps:
Do you want to claim dependents, follow the steps below:
Click the toggle to switch it to Yes if you wish to claim dependents.
If you do not wish to claim dependents, ensure the toggle is set to No.
If you selected Yes, enter the number of qualifying dependent children in the provided field.
Enter the number of other qualifying dependents in the corresponding field.
Click the toggle to switch it to Yes if you wish to be claimed as a dependent on someone else’s tax return.
Click Next.
On the Income tab, perform the following steps:
Do you have 1099 income:
Click on the radio button to Yes to indicate that you have 1099 income.
Enter your Annual 1099 income amount in the designated field (e.g., $500.00).
Under Qualifying business expenses, enter the estimated amount for qualifying business expenses (e.g., $500.00).
Click on the radio button to No if you do not have any 1099 income.
Do you want to fill Schedule C, follow the steps below:
Click the radio button for Yes if you want to fill out Schedule C.
Click the radio button for No if you do not want to fill out Schedule C.
Annual W-2 Income, follow the steps below:
Click on the radio button to Yes to indicate that you have W-2 income.
Enter your annual W-2 income amount in the designated field (e.g., $500.00).
Enter the amount of federal income tax withheld (e.g., $200.00).

e. Click Next, it redirects to deduction tab.

f. Under Do you want to Claim, follow the steps below:
Click on the radio button to "Standard deduction" to indicate that you want to claim this deduction.

Note: The displayed standard deduction amount (for example, $16,550.00) for your records.
Click on the radio button to "Itemized deductions" if you choose to claim this type of deduction.
Observe the displayed itemized deduction amount (e.g., $0.00) for your records.

g. Click Next, it redirects to Adjustments tab.

h. Under Declare any adjustments to your income, follow the steps below:
Enter the amount for educator expenses (e.g., $100.00).
Enter the amount for student loan interest deduction (e.g., $50.00).
Enter the amount for self-employment tax (e.g., $0.00).

i. Select the Any other Adjustments check box, follow the steps below:
Enter the name in the Adjustment Name field.
Enter the amount for the additional adjustment (e.g., $25.00).

j. Click on this option to open new fields for entering more adjustments.

k. Click Next, it redirects to Results page.

l. Check the entire details and click Go to Payment.