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How to use this Tax Calculator:

• Filing Status: Choosing the correct filing status is very important, as it determines the income levels for your Federal tax bracket, your standard deduction, personal exemption, and deduction phase out of incomes, etc.
• Married filing jointly: If you were married on the last day of December 2006, you can file a joint return with your spouse. If your spouse died during the tax year(2006), still you can file a joint return.
• Qualified Widow(er): You can choose this status if your spouse died during the previous tax year (2005) and you and your spouse filed a joint tax return in the year immediately prior to their death (2004). You are also required to have at least one dependent child or step child for whom you are the primary provider.
• Single: If you are unmarried, divorced, or legally separated as of the last day of the year, you should select single filing status.
• Head of household: Select Head of Household as filing status, If you are an unmarried individual with at least one qualifying relative and you pays for more than half of the cost to keep up a home.
• Married filing separately: If you are married, you have the choice to file separate returns. Choosing this filing status may result in less refund.
• Gross Income. Enter your total Adjusted Gross Income (AGI). Find your gross income by adding all your 2006 wages, salaries, tips, interest, dividends and gains, etc. Now you can calculate the AGI by taking out all adjustments from the gross income
• Dependents. A dependent is someone you support and for whom you can claim a dependency exemption.
• Mortgage interests and Points. Enter total Mortgage Interests and points you paid.
• Equity Loan interests. Enter total Equity Loan Interests.
• Property Taxes. Enter both real and personal property taxes paid.
• State and Local Taxes. Enter total state and local taxes paid.
• Charitable contributions. Enter total Charitable contributions given to eligible charities.
• Medical Expenses. Enter total Medical Expenses that are deductible
• Job Expenses. Enter total Job Expenses that are deductible
• Theft Loss and other misc. deductions. Enter the total losses
• Stanadard deduction. Calculator will display the standard deduction for the filing status you selected.
• Taxes with Stanadard deduction. Total Taxes based on the Stanadard deduction for the filing statys selected.
• Taxes with Itemized deduction. Total Taxes based on the total Itemized deductions from the entries made into the calculator.
• Mortgage Tax Savings. The amount of taxes You save from the mortgage interests and the points you paid. Your motgage interests are only a portion of the itemized deductions and the total itemized deductions need to be over standard deduction to have any additional savings

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