Configurations
ℹ️ Note: Tax brackets and deductions will automatically adjust based on the selected year. State tax calculations use current tax rates and are estimates for educational purposes.
Basic Information
$75,000
💡 Capital Gains Tax Rates: Short-term gains are taxed at your ordinary income rate. Long-term gains benefit from lower rates: 0% (income up to ~$44,625 single), 15% (up to ~$492,300), or 20% (above that). Crypto is taxed the same as stocks.
Deductions & Credits
🏛️ SALT Deduction Cap: The total deduction for state and local taxes (SALT), including property taxes and state income taxes, is capped at $10,000 ($5,000 if married filing separately) per the Tax Cuts and Jobs Act.
📊 Stock Donations: When you donate appreciated stock held for more than one year, you can deduct the full fair market value and avoid capital gains tax. This is often more tax-efficient than selling stock and donating cash.
Withholding & Payments
💡 Federal Tax Return: Only federal income tax withholding (Box 2) counts toward your federal tax return. Social Security (Box 4), Medicare (Box 6), and state taxes (Box 17) are separate taxes that don't reduce your federal income tax liability.
📊 Other Withholdings (For Reference Only)
These taxes are tracked separately and do not affect your federal income tax calculation:
ℹ️ State Withholding: Enter the state tax withheld from your W-2 Box 17. This will be used to calculate your state refund or amount owed. Social Security and Medicare taxes remain separate and don't affect your tax return.