With the passage of the Tax Cuts and Jobs Act that was signed into law back in December, many Americans are wondering how that affects them. This 2018 Tax Calculator can help them better gauge the changes to their taxes.
What exactly will actually happen to the amount they will have to pay in taxes. The folks at the Tax Foundation put together an awesome tax calculator to help you better understand how much you will pay. Every tax payer is a little different. This calculator provides a good estimation of the amount of savings you can expect from Uncle Sam in 2018.
Calculate Your Estimated Taxes
For example, a married couple with two children making $85,000 a year. Under the previous year they were paying over $4,500 in taxes. Under the new tax law, this tax reform calculator estimates that their income tax would be reduced by over $2,200. This is a fairly sizable amount for a family of four. The couple benefits from the expanded child-tax credits.