It might surprise you how many days you would have to work to pay your estimated federal tax liability (including Social Security tax withholdings). Use this calculator to determine your Tax Freedom Day - the day you begin earning money for yourself.
This calculator does not take into account sales and excise taxes, state and local property taxes, and other taxes such as car and estate taxes. According to The Tax Foundation, the national tax freedom day is April 18th meaning the average American will work 108 of 365 days a year just to pay their varied taxes.
The information provided here is to assist you in planning for your future. Any analysis is a result of the information you have provided. Material discussed is meant for general illustration and/or informational purposes only and it is not to be construed as tax, legal, or investment advice. Although the information has been gathered from sources believed to be reliable, please note that individual situations can vary therefore, the information should be relied upon when coordinated with individual professional advice.
Any rate of return entered into the interactive calculator to project future values should be a reasonable average return for the period. Rates of return will vary over time, and generally the higher the rate of return the higher the degree of risk.
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