Tax Refund Calculator

Tax Refund is the difference between taxes paid and taxes owed. It is otherwise called as tax rebate. It refers to the refund of taxes when the tax liability is less than the paid taxes. In simple, the excess tax paid by the individual would be returned back by the government. Income tax is often refundable tax. Use our online tax refund calculator or tax rebate calculator to find the tax returns by providing the Gross Income, IRA Contribution, Itemized deductions and withheld Federal taxes.

Tax Rebate Calculator

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Adjusted Gross Income(A)
Personal Exemptions(P)
Taxable Income(I)
Tax Liability Before Credits(T)
Child Tax Credits(N)
Estimated Tax Liability(E)
Refund

Tax Refund is the difference between taxes paid and taxes owed. It is otherwise called as tax rebate. It refers to the refund of taxes when the tax liability is less than the paid taxes. In simple, the excess tax paid by the individual would be returned back by the government. Income tax is often refundable tax. Use our online tax refund calculator or tax rebate calculator to find the tax returns by providing the Gross Income, IRA Contribution, Itemized deductions and withheld Federal taxes.

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Formula:

A = G - Q C = P × 4050 I = A - C - Z T = (Taxrate/100) × I R =(Taxrate/100) × I(if N>0) R =0(if N=0) E = T - R Refund = W - E Where, W = Federal Taxes Withheld E = Estimated Tax Liability R = Child Tax Credits N = Number of Dependent Children C = Number of Personal Exemptions P = Personal Exemptions G = Gross Income A = Adjusted Gross Income Q = IRA Contribution T=Tax Liability Before Credits I=Taxable Income Z = Itemized Deductions - $0 for Standard

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