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1040EZ Tax form for 2002
The 1040EZ is a simplified form used by the IRS for income tax payers that do not require the complexity of the full 1040 tax form. The 1040EZ only has seven required fields but follows all of the same tax schedules as the full 1040 tax form. Simply select your tax filing status and enter a few other details to estimate your total taxes for 2002. Based on your projected withholdings for the year, we then show you your refund or amount you may owe the IRS next April! This calculator uses the preliminary 2002 tax tables, subject to modifications by the IRS and changes in the tax code.
Definitions
- Changes for 2002
- The tax bill passed in 2000 included some of the most complex tax code changes in U.S. history. However, the overall impact for 2002 is rather limited. In fact, in 2002, most tax payers will be impacted by only three changes.
- Increased IRA and retirement plan deductions: IRA deduction and contribution limits go up this year. Most individuals qualify for a $3,000 contribution to their IRA in 2002. Those over 50 can contribute $3500.
- The creation of a 10% tax bracket: This tax bracket is for the first $6,000 of taxable income for singles, $12,000 for married couples and qualified widow(er)s and $10,000 for head of household. The new 10% tax bracket is retroactive to January 1st, 2001. The actual tax bracket, however, is new to 2002. This is due to the fact that most tax payers received their reduced tax in 2001 through the form of a tax rebate check.
- 0.5% Lower tax rates: The rate reduction of 0.5% for all brackets above 15% produce the following rates for 2002:
| Filing Status and Income Tax Rates |
Tax rate | Married filing jointly
or Qualified Widow(er) | Single | Head of household | Married filing separately |
| 10% | $0 - 12,000 | $0 - 6,000 | $0 - $10,000 | $0 - 6,000 |
| 15% | $12,000 - $46,700 | $6,000 - $27,950 | $10,000 - $37,450 | $6,000 - $23,350 |
| 27% | $46,700 - $112,850 | $27,950 - $67,700 | $37,450 - $96,700 | $23,350 - $56,425 |
| 30% | $112,850 - $171,950 | $67,700 - $141,250 | $96,700 - $156,600 | $56,425 - $85,975 |
| 35% | $171,950 - $307,050 | $141,250 - $307,050 | $156,600 - $307,050 | $85,975 - $153,525 |
| 38.6% | over $307,050 | over $307,050 | over $307,050 | over $153,525 |
Many of the other promised changes, including more significant rate reductions, and the elimination of the marriage penalty don't start until 2003 or later.
- Dependant status
- A dependent is someone you support and for whom you can claim a dependency exemption. In this case, you need to select the dependant status for you and your spouse. You receive a $3,000 reduction in your taxable income for yourself and another $3,000 reduction for your spouse if no one else can claim either of you as a dependant.
- Wages, salaries, tips, etc.
- Total income you received from wages, salaries and tips. The 1040EZ calculator does not support other types of income. If you have income from other sources you may need to use the 1040 Tax Form.
- Unemployment compensation
- If you collected any unemployment compensation it is considered taxable income. Enter the total amount received here.
- Taxable interest
- If you received any interest that is subject to income taxes, enter the total amount received here.
- Standard deduction
- This is a standard amount, which varies by your filing status, that you are allowed to deduct from your income before calculating your income tax.
- Taxable income
- This is your total taxable income. It is calculated as your total income minus your standard deduction and your deduction for exemptions.
- Earned income credit
- If you qualify for earned income credit, enter that amount here.
- Federal income tax withheld
- Enter the total of all federal income tax that you expect to have withheld from your pay throughout the year. We will use this amount to calculate your total refund or amount you may owe.
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