However, using a tax calculator before you sit down to tackle your taxes has several benefits: To get the exact figure, you need to complete your tax return. Our tax calculator, like others, can only estimate your federal tax liability. Show Pros, Cons, and More chevron down icon An icon in the shape of an angle pointing down. In addition to estimating how much you'll get back as a refund, or how much you'll owe, the calculator shows your effective tax rate, or the percentage of your income you pay in taxes overall. If you were self-employed, add up your quarterly estimated payments. If you had multiple jobs, add up how much each employer withheld for taxes.
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