It is important to know the amount of tax you pay to the government and the amount that you are left with so that you have a clear idea of how much money you’ll receive after tax, per year. This will help you budget accurately.
When should you use Income Tax Calculator?
Use income tax calculator when you need to estimate how much tax you pay and also your marginal tax rate.
You can also use income tax calculator when you are purchasing an asset. As the tool helps you find out who is in a lower tax bracket. You can accordingly decide whose name the asset should be purchased in to get a minimised capital gains tax.