This is a limited-purpose income tax estimator for estimating taxes in retirement planning.
Since I live in California, I'm only implementing federal and California taxes, but feel free to offer additions.
The real complexity comes in determining the correct data to feed into these calculations:
What retirement income is taxable.
What capital gains will apply to; these must be supplied separately.
What deductions you can take.
Etc.
For example, depreciation, business expenses, etc. must be calculated separately and supplied
here as deductions. This then determines whether the standard deduction should be used instead.
Consult a tax or retirement planning professional if you need more precision or to understand
how (or whether) to use this in your situation.
Income Tax Estimator
This is a limited-purpose income tax estimator for estimating taxes in retirement planning.
Since I live in California, I'm only implementing federal and California taxes, but feel free to offer additions.
The real complexity comes in determining the correct data to feed into these calculations:
For example, depreciation, business expenses, etc. must be calculated separately and supplied here as deductions. This then determines whether the standard deduction should be used instead.
Consult a tax or retirement planning professional if you need more precision or to understand how (or whether) to use this in your situation.
Main entry point
The main entry point is the computeTax function.
An example call