Written by Ronald L. Ecklund, CPA, CFP
Have you ever stopped to consider how many different types of taxes there are and how much you actually pay in taxes on an annual basis? The Total Tax Insights™ calculator is a public service of the American Institute of Certified Public Accountants (AICPA) and makes it easier to learn something every taxpayer should know: what you’re paying in taxes. This easy-to-use tool provides a clearer picture of the types of taxes you pay−including many you may not even know exist−and their estimated amounts.
The calculator is very simple to use, allowing you to enter very minimal information (county of residence, marital status, gross income, and number of dependents) or very specific information (like household utility bills, hotel expenses, and alcohol consumption) in order to provide a breakdown of the various taxes you pay. The calculator generates a total estimated annual tax liability as well as a pie chart with the tax breakdown for better visualization.
We encourage you to visit www.totaltaxinsights.org and check out the Total Tax Insights™ calculator. In addition to improving your general understanding of your tax liability, the calculator is also a useful resource when making big decisions, such as where to live, what kind of vehicle to purchase, and the impact of making a career change.
Should you have any questions on the results you receive from the Total Tax Insights™ calculator, your personal tax liability, or tax and financial planning, please give our office at call at 402.423.4343.
“The Tax Calculator is a tax estimator tool only and should only be used to calculate an individual’s estimated total tax liability. The Tax Calculator is not intended to serve as an online tax preparation tool for either a federal or state income tax return, or any other return; any other use is strictly prohibited.”