Decoding Calculator Terminology
Hover over question mark for explanation.
- Filing Status
Single, Head of Household, Married Filing Single, Married Filing Jointly
- Number of Allowances
See Your Form W-4. Allowances reduce the amount of federal income tax withheld from your paycheck. For 2013, each allowance you claim is equal to $3,900 of income that you expect to have in deductions
- Federal Income Tax Rate
The effective tax rate is the average rate at which income is actually taxed. This rate is lower than the tax bracket rate
- Pre-Tax Contributions
Payments for health plan premiums (medical, dental, vision) and flexible spending accounts
- After-Tax Expenses
Expenses paid with income that has been subject to federal and state income taxes and FICA taxes
- Salary deferral contribution
The percentage of your pretax pay that you contribute into a retirement account, such as a 401(k), 403(b), or 457(b) Plan
Effective Tax Rate Calculator
This tool is not intended to provide tax or legal advice. You should consult with a tax or legal professional for specific advice on all tax and legal matters.