April 15th. The most dreaded day of the year in the United States because this is the day when federal income tax returns must either be filed or extensions for filing income tax returns must be requested.
Worse, because income taxes have only become more complex over time, U.S. income taxes have become more time consuming and more costly.
It wasn't always that way. The original IRS Income Tax Form 1040 could fit on just one sheet of paper. And to prove it, here's our tool that you can use to calculate your income taxes as if it were 1913 all over again! Just enter the indicated data in the non-shaded rows, and we'll do the math:
Excerpts from the Instructions
3. The normal tax of 1 per cent shall be assessed on the total net income less the specific excemption of $3,000 or $4,000 as the case may be. (For the year 1913, the specific exemption allowable is $2,500, or $3,333.33, as the case may be.) If, however, the normal tax has been deducted and withheld on any part of the income at the source, or if any part of the income is received as dividends upon the stock or from the net earnings of any corporation, etc., which is taxable upon its net income, such income shall be deducted from the individual's total net income for the purpose of calculating the amount of income on which the individual is liable for the normal tax of 1 per cent by virtue of this return.
19. An unmarried individual or a married individual not living with wife or husband shall be allowed an exemption of $3,000. When husband and wife live together they shall be allowed jointly a total exemption of only $4,000 on their aggregate income. They may make a joint return, both subscribing thereto, or if they have separate incomes, they may make separate returns; but in no case shall they jointly claim more than $4,000 exemption on their aggregate income.
Welcome to the blogosphere's toolchest! Here, unlike other blogs dedicated to analyzing current events, we create easy-to-use, simple tools to do the math related to them so you can get in on the action too! If you would like to learn more about these tools, or if you would like to contribute ideas to develop for this blog, please e-mail us at:
ironman at politicalcalculations
Thanks in advance!
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