Is there a single, federal income tax formula?

Answer by  Christian9247 (5042)

If not one, I do believe there are two depending on how you make your income or your actual tax bracket. Plugging your numbers into a formula and being done with it is sadly not that easy or everyone would be able to do their taxes with ease.

Answer by  Att4372 (1704)

The is no one formula because there are many different types of income. Examples - 3 kinds of interest, 3 kinds of dividends, 4 kinds of capital gains, etc. Each type of income has its own set of rates and each step in income has a progressively higher rate.

Answer by  Math68 (308)

In the United States, no, there is not. The amount of tax you owe depends on a variety of factors, including how much you made, where that money came from, and where you spent some of your money. Tax software is the closest you'll come to a "formula."

Answer by  vlynn (6)

No. The Federal tax code is 80,000 pages long and is too complicated for even tax professionals to totally understand. This leaves everyday citizens confused and very vulnerable to the government.