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SFC Calculator
Estimate your tax cut under the Simplified Family Credit
Enter your annual income, filing status, and number of children where indicated. If you are a single parent, enter �head of household� for filing status. If you have children, you cannot enter �single.� Your taxes for 2002 are shown under current law, and if the Simplified
Family Credit was enacted into law. Your tax cut and �average effective tax rate� are also shown. A negative number for the tax cut means you would get a cash refund from the IRS. Your average effective tax rate is simply the share of your income owed in taxes, or received as a cash refund.
Do not use this to calculate your income tax for the IRS. The individual income tax is much more complicated than this calculator allows for. The Simplified Family Credit, as the name implies, would simplify what for most families is the most complicated part of taxes � the rules of eligibility for the Earned Income Tax Credit, Child Tax Credit, Additional Child Credit, and dependent exemption.
Note: This calculator does not reflect proposed changes by the President to speed up implementation of the 2001 tax cuts. It does not reflect the impact of the Alternative Minimum Tax, which presently is only relevant to relatively high income taxpayers.
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