Tax Refund Estimator Calculator
Estimate your federal and state tax refund or amount owed.
Income Summary
W-2 Income:$ 80000
Self-Employment:$ 0
Total Income:$ 80000
Tax Calculation
Deduction:$ 14600
Taxable Income:$ 65400
Tax Before Credits:$ 9441
Total Credits:$ 0
Federal Tax:$ 9441
Federal Refund/Owed
Federal Withholding:$ 15000
Federal Tax:$ 9441
Federal Result:REFUND $ 5559
State Estimate
State Withholding:$ 4000
Estimated State Tax:$ 3270
State Result:REFUND $ 730
State tax estimated at ~5%. Actual varies by state.
Total Summary
Effective Rate:11.8%
Marginal Rate:22%
Total Result:REFUND $ 6289
Tax Planning Tips
- Adjust W-4 withholding to avoid large refunds or owed amounts
- Large refund = overpaid taxes throughout year (lost opportunity cost)
- Large owed amount = potential underpayment penalty risk
- Standard deduction: $14,600 single, $29,200 married (2024)
- Child Tax Credit: up to $2,000/child, $1,700 refundable
- Self-employment: 15.3% SE tax on net earnings