Tax Estimation Calculator
Plan ahead with this comprehensive tax estimation calculator. Enter your income, filing status, deductions, and credits to estimate your federal and state tax liability. See your effective tax rate, understand your tax bracket, and identify potential savings. Great for financial advisors, tax preparers, and anyone planning their finances.
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export function taxEstimationCalculator(form: FormTs) {
form.addRow(row => {
row.addTextPanel('header', {
computedValue: () => 'Tax Estimation Calculator',
customStyles: { 'font-size': '1.5rem', 'font-weight': '600', 'color': '#1e293b' }
});
});
form.addSpacer({ height: 20 });
// Filing Status Section
const filingSection = form.addSubform('filing', { title: '📋 Filing Status' });
filingSection.addRow(row => {
row.addDropdown('filingStatus', {
label: 'Filing Status',
options: [
{ id: 'single', name: 'Single' },
{ id: 'married-joint', name: 'Married Filing Jointly' },
{ id: 'married-separate', name: 'Married Filing Separately' },
{ id: 'head-household', name: 'Head of Household' }
],
defaultValue: 'single',
isRequired: true
}, '1fr');
row.addDropdown('state', {
label: 'State',
options: [
{ id: 'none', name: 'No State Income Tax' },
{ id: 'low', name: 'Low Tax State (1-4%)' },
{ id: 'medium', name: 'Medium Tax State (4-6%)' },
{ id: 'high', name: 'High Tax State (6-10%)' },
{ id: 'very-high', name: 'Very High Tax State (10%+)' }
],
defaultValue: 'medium',
tooltip: 'Select approximate state tax bracket'
}, '1fr');
});
// Income Section
const incomeSection = form.addSubform('income', { title: '💰 Income' });
incomeSection.addRow(row => {
row.addMoney('wages', {
label: 'Wages & Salary',
min: 0,
max: 10000000,
defaultValue: 75000,
currency: '$',
isRequired: true,
tooltip: 'W-2 income from employment'
}, '1fr');
row.addMoney('selfEmployment', {
label: 'Self-Employment Income',
min: 0,
max: 10000000,
defaultValue: 0,
currency: '$',
tooltip: '1099 income, business profits'
}, '1fr');
});
incomeSection.addRow(row => {
row.addMoney('investments', {
label: 'Investment Income',
min: 0,
max: 10000000,
defaultValue: 0,
currency: '$',
tooltip: 'Dividends, capital gains, interest'
}, '1fr');
row.addMoney('otherIncome', {
label: 'Other Income',
min: 0,
max: 10000000,
defaultValue: 0,
currency: '$',
tooltip: 'Rental income, pensions, etc.'
}, '1fr');
});
// Deductions Section
const deductionsSection = form.addSubform('deductions', { title: '📉 Deductions' });
deductionsSection.addRow(row => {
row.addRadioButton('deductionType', {
label: 'Deduction Type',
options: [
{ id: 'standard', name: 'Standard Deduction' },
{ id: 'itemized', name: 'Itemized Deductions' }
],
defaultValue: 'standard'
});
});
deductionsSection.addRow(row => {
row.addTextPanel('standardDeductionAmount', {
label: 'Standard Deduction',
computedValue: () => {
const status = filingSection.dropdown('filingStatus')?.value() || 'single';
const amounts = {
'single': 14600,
'married-joint': 29200,
'married-separate': 14600,
'head-household': 21900
};
return `$${amounts[status].toLocaleString()} (2024)`;
},
isVisible: () => deductionsSection.radioButton('deductionType')?.value() === 'standard',
customStyles: { 'font-weight': '500', 'color': '#059669' }
});
});
deductionsSection.addRow(row => {
row.addMoney('itemizedDeductions', {
label: 'Total Itemized Deductions',
min: 0,
max: 1000000,
defaultValue: 20000,
currency: '$',
isVisible: () => deductionsSection.radioButton('deductionType')?.value() === 'itemized',
tooltip: 'Mortgage interest, state taxes (up to $10k), charitable donations, etc.'
});
});
// Pre-tax Contributions
const contributionsSection = form.addSubform('contributions', { title: '🏦 Pre-Tax Contributions' });
contributionsSection.addRow(row => {
row.addMoney('retirement401k', {
label: '401(k) Contributions',
min: 0,
max: 23000,
defaultValue: 0,
currency: '$',
tooltip: 'Maximum $23,000 for 2024 ($30,500 if 50+)'
}, '1fr');
row.addMoney('traditionalIRA', {
label: 'Traditional IRA',
min: 0,
max: 7000,
defaultValue: 0,
currency: '$',
tooltip: 'Maximum $7,000 for 2024 ($8,000 if 50+)'
}, '1fr');
});
contributionsSection.addRow(row => {
row.addMoney('hsaContribution', {
label: 'HSA Contributions',
min: 0,
max: 8300,
defaultValue: 0,
currency: '$',
tooltip: 'Maximum $4,150 individual / $8,300 family for 2024'
}, '1fr');
row.addMoney('otherPretax', {
label: 'Other Pre-Tax',
min: 0,
max: 50000,
defaultValue: 0,
currency: '$',
tooltip: 'FSA, dependent care, etc.'
}, '1fr');
});
// Tax Credits Section
const creditsSection = form.addSubform('credits', { title: '✨ Tax Credits' });
creditsSection.addRow(row => {
row.addInteger('dependents', {
label: 'Number of Dependents',
min: 0,
max: 10,
defaultValue: 0,
tooltip: 'Children under 17 qualify for Child Tax Credit'
}, '1fr');
row.addMoney('otherCredits', {
label: 'Other Tax Credits',
min: 0,
max: 50000,
defaultValue: 0,
currency: '$',
tooltip: 'Education credits, energy credits, etc.'
}, '1fr');
});
form.addSpacer({ height: 20, showLine: true, lineStyle: 'dashed' });
// Results Section
const resultsSection = form.addSubform('results', { title: '📊 Tax Breakdown', isCollapsible: false });
// Helper function for tax calculation
const calculateTax = () => {
const status = filingSection.dropdown('filingStatus')?.value() || 'single';
const state = filingSection.dropdown('state')?.value() || 'medium';
const wages = incomeSection.money('wages')?.value() || 0;
const selfEmployment = incomeSection.money('selfEmployment')?.value() || 0;
const investments = incomeSection.money('investments')?.value() || 0;
const otherIncome = incomeSection.money('otherIncome')?.value() || 0;
const totalIncome = wages + selfEmployment + investments + otherIncome;
// Pre-tax deductions
const retirement401k = contributionsSection.money('retirement401k')?.value() || 0;
const traditionalIRA = contributionsSection.money('traditionalIRA')?.value() || 0;
const hsaContribution = contributionsSection.money('hsaContribution')?.value() || 0;
const otherPretax = contributionsSection.money('otherPretax')?.value() || 0;
const totalPretax = retirement401k + traditionalIRA + hsaContribution + otherPretax;
// Standard or itemized deduction
const deductionType = deductionsSection.radioButton('deductionType')?.value() || 'standard';
const standardDeductions = {
'single': 14600,
'married-joint': 29200,
'married-separate': 14600,
'head-household': 21900
};
let deduction = standardDeductions[status];
if (deductionType === 'itemized') {
const itemized = deductionsSection.money('itemizedDeductions')?.value() || 0;
deduction = Math.max(itemized, standardDeductions[status]);
}
// Taxable income
const taxableIncome = Math.max(0, totalIncome - totalPretax - deduction);
// Federal tax brackets 2024
const brackets = {
'single': [
{ limit: 11600, rate: 0.10 },
{ limit: 47150, rate: 0.12 },
{ limit: 100525, rate: 0.22 },
{ limit: 191950, rate: 0.24 },
{ limit: 243725, rate: 0.32 },
{ limit: 609350, rate: 0.35 },
{ limit: Infinity, rate: 0.37 }
],
'married-joint': [
{ limit: 23200, rate: 0.10 },
{ limit: 94300, rate: 0.12 },
{ limit: 201050, rate: 0.22 },
{ limit: 383900, rate: 0.24 },
{ limit: 487450, rate: 0.32 },
{ limit: 731200, rate: 0.35 },
{ limit: Infinity, rate: 0.37 }
],
'married-separate': [
{ limit: 11600, rate: 0.10 },
{ limit: 47150, rate: 0.12 },
{ limit: 100525, rate: 0.22 },
{ limit: 191950, rate: 0.24 },
{ limit: 243725, rate: 0.32 },
{ limit: 365600, rate: 0.35 },
{ limit: Infinity, rate: 0.37 }
],
'head-household': [
{ limit: 16550, rate: 0.10 },
{ limit: 63100, rate: 0.12 },
{ limit: 100500, rate: 0.22 },
{ limit: 191950, rate: 0.24 },
{ limit: 243700, rate: 0.32 },
{ limit: 609350, rate: 0.35 },
{ limit: Infinity, rate: 0.37 }
]
};
// Calculate federal tax
let federalTax = 0;
let remainingIncome = taxableIncome;
let prevLimit = 0;
const statusBrackets = brackets[status] || brackets['single'];
for (const bracket of statusBrackets) {
const taxableInBracket = Math.min(remainingIncome, bracket.limit - prevLimit);
if (taxableInBracket <= 0) break;
federalTax += taxableInBracket * bracket.rate;
remainingIncome -= taxableInBracket;
prevLimit = bracket.limit;
}
// Self-employment tax (15.3% on 92.35% of SE income)
const selfEmploymentTax = selfEmployment * 0.9235 * 0.153;
// State tax estimate
const stateRates = {
'none': 0,
'low': 0.03,
'medium': 0.05,
'high': 0.08,
'very-high': 0.11
};
const stateTax = taxableIncome * (stateRates[state] || 0.05);
// Credits
const dependents = creditsSection.integer('dependents')?.value() || 0;
const childTaxCredit = Math.min(dependents * 2000, federalTax);
const otherCredits = creditsSection.money('otherCredits')?.value() || 0;
const totalCredits = childTaxCredit + otherCredits;
// Final calculations
const totalFederalTax = Math.max(0, federalTax - totalCredits) + selfEmploymentTax;
const totalTax = totalFederalTax + stateTax;
const effectiveRate = totalIncome > 0 ? (totalTax / totalIncome) * 100 : 0;
const takeHome = totalIncome - totalTax - totalPretax;
return {
totalIncome,
taxableIncome,
federalTax: Math.max(0, federalTax - totalCredits),
selfEmploymentTax,
stateTax,
totalCredits,
totalTax,
effectiveRate,
takeHome
};
};
resultsSection.addRow(row => {
row.addPriceDisplay('totalIncome', {
label: 'Total Income',
computedValue: () => calculateTax().totalIncome,
variant: 'default'
}, '1fr');
row.addPriceDisplay('taxableIncome', {
label: 'Taxable Income',
computedValue: () => calculateTax().taxableIncome,
variant: 'default'
}, '1fr');
});
resultsSection.addRow(row => {
row.addPriceDisplay('federalTax', {
label: 'Federal Income Tax',
computedValue: () => calculateTax().federalTax,
variant: 'default'
}, '1fr');
row.addPriceDisplay('selfEmploymentTax', {
label: 'Self-Employment Tax',
computedValue: () => calculateTax().selfEmploymentTax,
variant: 'default',
isVisible: () => (incomeSection.decimal('selfEmployment')?.value() || 0) > 0
}, '1fr');
});
resultsSection.addRow(row => {
row.addPriceDisplay('stateTax', {
label: 'Estimated State Tax',
computedValue: () => calculateTax().stateTax,
variant: 'default'
}, '1fr');
row.addPriceDisplay('totalCredits', {
label: 'Tax Credits Applied',
computedValue: () => calculateTax().totalCredits,
variant: 'success',
isVisible: () => calculateTax().totalCredits > 0
}, '1fr');
});
// Summary Section
const summarySection = form.addSubform('summary', {
title: '💵 Tax Summary',
isCollapsible: false,
sticky: 'bottom'
});
summarySection.addRow(row => {
row.addPriceDisplay('totalTax', {
label: 'Total Estimated Tax',
computedValue: () => calculateTax().totalTax,
variant: 'large'
}, '1fr');
row.addTextPanel('effectiveRate', {
label: 'Effective Tax Rate',
computedValue: () => `${(Number(calculateTax()?.effectiveRate) || 0).toFixed(1)}%`,
customStyles: { 'font-size': '1.5rem', 'font-weight': '600', 'text-align': 'center', 'color': '#dc2626' }
}, '1fr');
});
summarySection.addRow(row => {
row.addPriceDisplay('takeHome', {
label: 'Estimated Take-Home',
computedValue: () => calculateTax().takeHome,
variant: 'success'
});
});
summarySection.addRow(row => {
row.addTextPanel('disclaimer', {
computedValue: () => 'This is an estimate for planning purposes only. Consult a tax professional for accurate advice.',
customStyles: { 'font-size': '0.8rem', 'color': '#64748b', 'text-align': 'center' }
});
});
form.configureSubmitButton({
label: 'Get Detailed Report'
});
}
Frequently Asked Questions
Is this calculator accurate for tax filing?
This calculator provides estimates for planning purposes only. Actual tax liability depends on many factors. Consult a tax professional for filing advice.
Should I use standard or itemized deductions?
Use whichever is higher. The calculator shows both options so you can compare. Most taxpayers benefit from the standard deduction.
What tax brackets are used?
The calculator uses current federal tax brackets. State taxes vary by location and use simplified estimates.
Can I customize this for my business website?
Yes! Financial advisors and tax preparers can customize this calculator with their branding and embed it on their websites.
Does this include self-employment tax?
Yes, if you indicate self-employment income, the calculator estimates self-employment tax (Social Security and Medicare).