How to estimate your personal income taxes

In this video I'm showing you how to estimate your income taxes in about 2 minutes. The reason to estimate your taxes and tax liability is so you know how much you’ll owe to make smarter financial decisions.

We're using a fast tax calculation using IRS Publication 17 tax tables to estimate your individual tax liability. It’s only one method of quickly estimating your taxes and certainly not the only way.

The tax estimate or tax liability does not include qualified dividends, long term capital gains, credits or other adjustments.

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Our financial planning process is an ongoing relationship because as you grow, your financial plan grows with you. At Sickle Hunter Financial Advisors, we believe that saving and making sound financial decisions will help improve your life’s changing needs and objectives. Retirement, college planning, wealth building, social security, and career benefit packets are only a few of the financial decisions that you may face in your lifetime and we’re here to help guide you.

TRAVIS T SICKLE, CFP®, EA®, AAMS®, CRPC®, RICP®
CERTIFIED FINANCIAL PLANNER™

twitter: @travissickle

Sickle Hunter Financial Advisors
1646 W Snow Avenue
Suite 144
Tampa, FL 33606

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Information in this video is for educational and entertainment purposes only.
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#travissickle

[lisaboston]

OMG why has it taken me weeks to find someone who can explain this simply?!! Thanks 👍

[patg]

Finally! Someone who explained it without talking to hear themselves speak

[cheeseburger]

I don’t understand why this isn’t taught in schools.

[rockfish]

Good job! You labeled the video properly and addressed the topic. ( That should be what most videos do, but they do not.)

[joeyp]

Man this was soooo helpful to me. I used this and the business and personal extension filing. You're awesome man! Keep up the good work.

[singlemom]

This is so much easier to understand and insanely useful. Thank you love.

[hanamirhaji]

Big thank you. I could finally calculate an estimation 🎉

[anasmikail]

Why can they just tell you they want like 25% of what you made ?

[jericodiaz]

Excellent video, very quick and easy to understand 👏

[WideSpectrum]

Would also like to see the example with the 401k taken into account

[Caesar__]

Does this apply to state taxes as well? Do we have to estimate state taxes?

[desireemosher]

BIG Thank you for a nice and simple explanation 😊. Very helpful 👍

[lizzetterivera]

you should explain next time who qualified for head of household & whom for single? thx!

[NinaLopez-ssoj]

Thank you very much so much for this video. Very instructive.

[rickyjames]

I see why people try and hide their money, jheeze! But great explanation.

[dailydreamer]

Hello, thank you for this video. One question plz: I earned as an independent contractor $6, 375.88 from September 2023 to January 5, 2024. How much money do I owe the IRS as estimate tax? And when I am gonna pay, which tax year to mention? 2023 or 2024? Waiting for your response. Thank you so much.

[PBTKaizen]

so the tax table is what tells you how much fed income tax you will pay post the standard deduction...correct?

[daysirosales]

Is this the same calculation for employers to calculate employee’s Fed tax withholding? If so, do you take the estimated tax and decide by pay periods?

[mikaalawais]

Super helpful, indeed! I'm wondering if there's only federal tax owed by people earning employment income as this video only covers how much federal tax is owed by an employee. However, as someone who's struggling to get it's head around net payable tax in Ontario, I'm not sure if this shows the full picture of what total tax liability looks like. My annual gross income is CAD $66K and according to this video, the tax payable is $4160 (i'm married so will use the relevant bracket). However, the tax already deducted on paystub for the tax year 2023 is $13k. I don't think that government owes me the difference $8, 840 ($13k-$4, 160). In addition to $4, 160, which is federal tax, I know for sure there is provincial tax payable as well. Okay, but then, is there any third item or more on the list that employees have to pay on their employment income other than Federal & Provincial tax? If so, what are those and how do we calculate them?

[xPancakeslyf]

is this just to calculate how much federal tax you owe for the year? or overall tax?