tep 1. Calculate the standard deduction. For this problem we are going to assume only two marital status positions. If you are single you get a $12,200 standard deduction. If you filed married you get a $24,400 standard deduction. Step 2. Calculate the adjusted gross income. To calculate your taxes owed, you take the wages and subtract the standard deductions. This gives you your adjusted gross income (AGI). Step 3. Calculate the tax refund or taxes owed. You then use the tables below with the AGI to calculate the taxes. If the taxes are greater then what was paid, you owe taxes. If the taxes were less, you get a refund.
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1040 Form Tax Calculator
Step 1. Calculate the standard deduction. For this problem we are going to assume only two marital status positions. If you are single you get a $12,200 standard deduction. If you filed married you get a $24,400 standard deduction.
Step 2. Calculate the adjusted gross income. To calculate your taxes owed, you take the wages and subtract the standard deductions. This gives you your adjusted gross income (AGI).
Step 3. Calculate the tax refund or taxes owed. You then use the tables below with the AGI to calculate the taxes. If the taxes are greater then what was paid, you owe taxes. If the taxes were less, you get a refund.
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